The Authority’s current credit ratings are based on ratings for the Authority’s single issuance Transportation Special Tax Revenue Bonds, Series 2014.  Since the Authority’s revenue stream and tax rates are set by the Virginia General Assembly, ratings standards dictate that the NVTA rating can not be as high as the Commonwealth’s current AAA.  Hence the AA+ ratings are the highest possible for the Authority to obtain.  

Series 2014 Bonds

In December 2014, the NVTA entered the capital bond market for the first time with bonds designated to replace the short term LOC with fixed rate, long term, low cost, permanent financing. An initial bond sale is a significant undertaking. Actions include bond validation court proceedings, establishing internal policies and procedures, initial credit rating presentations on Wall Street and, finally, the marketing and sale of the bonds. Our efforts to execute the Authority’s approved finance plan resulted in strong credit ratings of AA+, Aa1 and AA+ with stable outlooks from Fitch, Moody’s and Standard and Poor’s. The bonds garnered a favorable market reception on Wall Street, reflected by a 2.5 times subscription rate and a low true interest cost of 3.09%. These values are due in part to the NVTA’s financial preparations, but are also a reflection of the outstanding credit basis and history of the Authority’s nine member jurisdictions.