OCTA Sells Bonds
The Orange County Transportation Authority said Tuesday that it sold $234.3 million in two Measure M sales tax revenue bond issues to raise money for freeway improvement projects, primarily the widening of the Santa Ana Freeway.
The OCTA, based in Orange, said the bond sale went smoothly as buyers purchased about 85% of the offering.
Credit rating agency Standard & Poor’s said Tuesday that it gave an AA+ rating to OCTA’s $21.43-million bond issue and an A+ rating to its $224.4-million offering.
S&P; also upgraded its rating on OCTA’s 1992 Measure M bond series to AA+ from AA.
The agency said continued growth in sales tax receipts that provide Measure M revenue, the authority’s ability to cover the debt service and legal protections in the offerings helped to provide the good rating.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.