DBRS downgrades TransEd

DBRS said it downgraded the issuer rating and the rating on the series A $394.5 million senior long-term amortizing bonds of TransEd Partners GP (ProjectCo) to BBB (low) from BBB. Both trends are negative.

“The ratings downgrades are primarily a result of an unfavorable outcome of one of the ongoing claims that would have extended the contractual deadlines of the Valley Line light-rail transit Stage 1 project (the project) meaningfully. Although ProjectCo has made considerable progress in construction this year and there is no further deterioration in the schedule since DBRS Morningstar downgraded the ratings in June 2020, ProjectCo does not envision that it can reduce the current delay materially,” DBRS said in a press release.

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