Moody's affirms MTA bond ratings
Moody's Investors Service has given a very strong outlook to the Maine Turnpike Authority's revenue bonds as well as the agency overall.
Moody's gave the bonds and the authority an Aa3/Stable ranking, citing MTA's new leadership and recent changes to strengthen financial operations, according to a press release. "Moody's affirmation speaks volumes about how the financial community views the Maine Turnpike Authority's response to some questionable executive-level spending practices uncovered earlier this year," said MTA Vice Chairman Lucien Gosselin. The rating also reflects expected strong traffic and revenues and increased budgeting certainty due to more clearly defined terms for the annual transfer of turnpike revenues to the Maine Department of Transportation.
Earlier this year, longtime Executive Director Paul Violette resigned amid scrutiny following a government report that questioned the authority's spending, and Peter Mills was named interim director. MTA recently filed a lawsuit against Violette seeking $450,000 in misused funds and vacation pay.
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