Virginia sells $493 million in bonds for transportation projects

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The Commonwealth Transportation Board has issued $492.7 million in bonds to fund rail and roads projects.

The bonds received an AA+ rating from Fitch and Standard and Poor’s and an Aa1 rating from Moody’s.

Goldman Sachs won the bid to underwrite the bonds with an interest cost of 3.247 percent. Seven underwriters submitted bids for the bonds.

Gov. Bob McDonnell recently authorized the sale of the bonds, which were approved by the General Assembly in 2007 but held up by declining state revenues.

“Issuing these bonds will permit the completion of projects under way and will allow Virginia to start new project phases in accordance with our Six-Year Transportation Improvement Program,” Secretary of Transportation Sean Connaughton said in a statement.

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