Fitch Rates Oklahoma CIA's $193MM State Highway Bonds 'AA-'; Outlook Stable
Fitch Ratings October 2, 2020
Fitch Ratings - New York - 02 Oct 2020: Fitch Ratings has assigned an 'AA-' rating to the following bonds issued by the Oklahoma Capitol Improvement Authority (OCIA) for the Oklahoma Department of Transportation (ODOT) (subject to annual appropriation):
--$171,000,000 state highways capital improvement revenue bonds, tax exempt series 2020B; and --$22,300,000 state highways capital improvement revenue refunding bonds, federally taxable series 2020C.
The bonds are expected to sell via negotiation on Oct. 20, 2020. Proceeds of the series 2020B bonds will be used to finance the acquisition of real or personal property in order to construct, maintain or improve state highway and bridge assets of the State of Oklahoma. Proceeds of the series 2020C bonds will be used to provide for the taxable advance refinancing of all but one maturity of the OCIA's prior series of state highway bonds, series 2012, for net present value savings.
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