Credit Support and Infrastructure Investment: The Case of the Transportation Infrastructure Finance and Innovation Act (TIFIA) Program

Infrastructure project development in the United States frequently relies on debt financing. Project sponsors typically borrow money for project design and construction through private capital markets, but the Transportation Infrastructure Finance and Innovation Act (TIFIA) program of the U.S. Department of Transportation (USDOT) also provides a complementary public financing program for surface transportation infrastructure development projects. This research empirically evaluates whether and how the TIFIA program’s creditworthiness profile, measured via credit ratings, changed between the Moving Ahead for Progress in the 21st Century (MAP-21) and Fixing America’s Surface Transportation (FAST) Act periods. The findings provide meaningful insights, and follow-up research will be important.

• Record URL:
  https://r3utc.psu.edu/files/2020/12/CIAMTIS-GMU-CIAM-COR-REG23-s.pdf
• Record URL:
  https://rosap.ntl.bts.gov/view/dot/65565
• Supplemental Notes:
  • This document was sponsored by the U.S. Department of Transportation, University Transportation Centers Program.
• Corporate Authors:

  George Mason University

  Fairfax, VA  United States  22030

  Center for Integrated Asset Management for Multimodal Transportation Infrastructure Systems (CIAMTIS)

  Pennsylvania State University
  University Park, PA  United States  16802

  Office of the Assistant Secretary for Research and Technology

  University Transportation Centers Program
  Department of Transportation
  Washington, DC  United States  20590
• Authors:
  • Gifford, Jonathan L
  • 0000-0001-6216-2118
  • Lee, Narae
• Publication Date: 2020-9-30

Language

• English

Media Info

• Media Type: Digital/other
• Edition: Final Report
• Features: Figures; References; Tables;
• Pagination: 16p

Subject/Index Terms

• TRT Terms: Credit; Financing; Infrastructure; Investments; Public private partnerships; Ratings; Regression analysis
• Identifier Terms: Fixing America's Surface Transportation (FAST) Act; Moving Ahead for Progress in the 21st Century Act (MAP-21); Transportation Infrastructure Finance and Innovation Act
• Subject Areas: Finance; Policy; Transportation (General);

Filing Info

• Accession Number: 01761539
• Record Type: Publication
• Report/Paper Numbers: CIAM-COR-REG23
• Contract Numbers: 69A3551847103
• Files: UTC, NTL, TRIS, ATRI, USDOT
• Created Date: Dec 29 2020 10:42AM