CBBTDChesapeake Bay Bridge and Tunnel District (Virginia)
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Proceeds of the bonds, together with other available funds of CBBTD, will refund approximately $72 million in outstanding series 1996 general resolution bonds.
Though both the swap payments and up to $3 million of the termination payment are insured by XL Capital, bond insurance is only applicable in case of a CBBTD default.
The 'A' rating on the senior resolution bonds reflects the monopolistic nature of the bridge-tunnel facility, which provides the only linkage between Virginia's eastern shore and the metropolitan area of South Hampton Roads, Virginia; the district's continued financial stability, confirmed by healthy generation of net revenues and coverage of debt service well in excess of indenture dictated minimums; mature facility traffic demand, with average annual traffic growth of approximately 3% over the last decade; and moderate economic rate making flexibility which allows CBBTD to set tolls at levels necessary for preservation and maintenance of capital assets and future facility planning.