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DelDOT retains top-tier credit ratings

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Delaware Public Media
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Delaware's Department of Transportation (DelDOT) retains its top bond ratings.

In late August, DelDOT went through a periodic review of its finances by the independent credit reporting agencies.

“And we received very good news about the overall state of our finances," said DelDOT community relations director C.R. McLeod. "Even with the impacts of the pandemic, we’ve really worked hard to keep our debt ratio down and the credit agencies have issued their top scores to the Department.”

McLeod says Moody’s Investors Service and Standard and Poor’s gave the agency Aa1 and AA+ ratings, its second highest, which means DelDOT will pay less interest when it borrows money to finance projects.

McLeod notes over the next five to six years, DelDOT’s current Capital Transportation Program will invest more than $4.5 billion in infrastructure and maintenance projects across the First State.

He says those projects include construction of the long-awaited Millsboro Bypass in Sussex County and the reconstruction of the Route 896 and I-95 interchange in New Castle County.

McLeod says as Sussex County grows DelDOT needs to make sure the roads there can handle the added traffic.

He notes there are currently seven projects underway along the Route 24 corridor between Rehoboth and Millsboro.

And in Sussex County alone, McLeod says DelDOT has more than a billion dollars worth of work scheduled over the next five to six years.

DelDOT was last evaluated in 2020.

Kelli Steele has over 30 years of experience covering news in Delaware, Baltimore, Winchester, Virginia, Phoenix, Arizona and San Diego, California.