DBRS Morningstar Confirms Ratings on Kiewit Meridiam Partners LLC at A (low), Stable Trends.

ENPNewswire-August 31, 2021--DBRS Morningstar Confirms Ratings on Kiewit Meridiam Partners LLC at A (low), Stable Trends

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Release date- 30082021 - DBRS Limited (DBRS Morningstar) confirmed the following ratings at A (low) with Stable trends.

Issuer Rating of Kiewit Meridiam Partners LLC (ProjectCo)

ProjectCo's $120.8 million Private Activity Bonds (PABs; par and premium)

$416.0 million Transportation Infrastructure Finance and Innovation Act Loan (the 2017 TIFIA Loan).

DBRS Morningstar also confirmed the provisional ratings of A (low) with Stable trends, initially assigned on May 13, 2021, on the following debt instruments:

$466.4 million 2021 Transportation Infrastructure Finance and Innovation Act Loan (the 2021 TIFIA Loan)

$47.7 million Senior Revenue Bonds Series 2021A (the Series 2021A Bonds)

$466.4 million Senior Project Infrastructure Bonds Series 2021B (the Series 2021B Bonds)

ProjectCo is the special-purpose vehicle responsible for the design, construction, financing, operation, maintenance, and rehabilitation of Kiewit Meridiam Partners' Central 70 Project (the Project), spanning a 10-mile section of the I-70 East highway in Denver, Colorado, that stretches from I-25 on the west end of the corridor to Tower Road on the east end of the corridor. The financial close on the instruments on which the provisional ratings were assigned has been delayed and is now expected to take place in September 2021. This press release is issued in response to certain requirements in the 2021 TIFIA Loan Agreement for financial close, and there are no material updates since the DBRS Morningstar Press Releases of May 13, 2021, or July 29, 2021.

The Series 2021A Bonds and Series 2021B Bonds will be issued by Colorado Bridge Enterprise (BE) and loaned to ProjectCo. The 2017 TIFIA Loan will be repaid from the issuance of the Series 2021A Bonds and Series 2021B Bonds. The 2021 TIFIA Loan can be drawn only on or after June 28, 2023 (and up to December 26, 2023), and will be used to repay the Series 2021B Bonds maturing in December 2023. (DBRS Morningstar deems ProjectCo to be the ultimate issuer of the PABs, Series 2021A Bonds, and Series 2021B Bonds because they are, or will be, issued by BE and the proceeds loaned to ProjectCo with repayment made from Project cash flows.)

The Project is in its 44th month of construction and is 79.3% complete, based on the progress made to July 31, 2021. Currently, the...

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