Delaware Department of Transportation - Delaware Business Times

Banking, Government, News, Statewide, Transportation

DelDOT retains top bond ratings ahead of $200M+ sale

Jacob Owens August 18, 2022

DOVER – The Delaware Department of Transportation recently retained its top-tier credit ratings ahead of a planned bond sale of more than $200 million in debt next week. Moody’s Investors […]

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New Castle County, News, Transportation

Long-awaited Middletown road improvements underway

Katie Tabeling October 15, 2021

MIDDLETOWN — As Middletown’s population continues to grow, the Delaware Department of Transportation (DelDOT) will invest $18.4 million to widen one of the most-well-traveled roads in the boom town: Route […]

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Economic Development, Insider Only, Kent County, News, Transportation

🔒 🔒 DelDOT nears new deal for Dover Civil Air Terminal

Katie Tabeling September 1, 2021

DOVER — With a little more than a year left on an agreement that allows civilian aircraft to take off Dover Air Force Base runways, a new deal that would […]

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Insider Only, News, Transportation

🔒 🔒 As I-95 surgery begins, DelDOT manages Wilmington impact

Roger Morris April 20, 2021

WILMINGTON – Inside a nondescript office building in the countryside outside of Smyrna, employees of the Delaware Department of Transportation (DelDOT) sit huddled in a spacious, darkened room filled with […]

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People to Watch

People to Watch: Jennifer Cohan

Editorial December 22, 2020

Jennifer Cohan CEO, Leadership Delaware Institute After 31 years of working with infrastructure and roadways, Jennifer Cohan is preparing a different path for herself as CEO of the Leadership Delaware […]

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The credit rating for the Delaware Department of Transportation was reaffirmed this month, supporting bonds for future capital projects. | PHOTO COURTESY OF DELDOT[/caption] DOVER – The Delaware Department of Transportation recently retained its top-tier credit ratings ahead of a planned bond sale of more than $200 million in debt next week. Moody’s Investors Service and Standard and Poor’s, two of the four major credit rating agencies, gave DelDOT their second highest ratings, Aa1 and AA+, respectively, in recent reviews and graded the revenue outlook as stable. The reviews come before the department – the only state department that issues debt – goes to bond sale on Aug. 23 to sell $229 million to fund this year’s capital budget. DelDOT’s current Capital Transportation Program will invest more than $4.5 billion in infrastructure maintenance and projects over the next six years. Retaining a high credit rating is imperative for states looking to invest in future projects at favorable interest rates. “We greatly appreciate the recognition of the department’s strong financial and operational management, particularly throughout the pandemic,” Delaware Transportation Secretary Nicole Majeski said in a statement. “We will continue to work diligently to be good stewards of taxpayer dollars and use these savings to further invest in our state’s transportation system. The excellent work done by our finance team, led by Lanie Clymer, ensures our financial standing remains strong as we support the largest capital program in the department’s history.” The Series 2022 bonds and outstanding transportation system senior revenue bonds are secured by a claim on the state’s Transportation Trust Fund revenue, which is made up of fuel taxes, tolls, motor vehicle fees, and more. Because DelDOT funds its capital improvement projects from the trust fund, it requires a separate credit rating than the state’s General Obligation bonds. Both ratings are one step off the top AAA rating, but a welcome sign as the department was last evaluated in 2020. In the same recent review, S&P reaffirmed the state’s top AAA bond rating. “Delaware continues to receive high marks for fiscal management which allows us to sustain the important investments we’ve made in our schools, our infrastructure, our communities, and our economy, including efforts to address the impacts of COVID-19 and future public health crises,” Gov. John Carney said in a statement. “All Delawareans can be proud of the work we’ve done with the General Assembly to boost the state’s finances prior to COVID-19, and the sustainable budget we passed this legislative session. These steps will help ensure Delaware is the best place to live, work, and raise a family.”