Moody’s Investor’s Service, one of the nation’s leading rating agencies, says the state’s new Transportation Funding Program is “a credit positive for the Commonwealth of Pennsylvania,” according to Senator John Rafferty (R-44), who championed Act 89 0f 2013.
Rafferty said Moody’s also gave the bill a credit positive because it phases out the annual funding burden that the prior transportation bill (Act 44) created for the Pennsylvania Turnpike. “By relieving the Turnpike of its Act 44 burden, Act 89 will result in less long-term debt for that agency. That is a win for all who pay tolls to travel the Turnpike.”
“Moody’s said the new law is good for our state’s credit rating because it provides a new and recurring revenue stream to address the states large backlog of transportation improvement and maintenance projects,” Rafferty said. “Moody’s recognizes what we have been saying all along – this much-needed investment in our transportation infrastructure is crucial not just to public safety but economic development as well.”
For more information on Act 89 of 2013, please visit: http://www.senatorrafferty.com/transportation-funding/