Fitch will continue to monitor PEDFA's capex plan given its history of deferred maintenance.
The system is a project of the PEDFA. The operations of the system were transferred under the terms of the asset transfer agreement to PEDFA, a public body corporate and politic and an instrumentality of the Commonwealth of Pennsylvania, from the Harrisburg Parking Authority and the City of Harrisburg, Pennsylvania on Dec.
The PLC and PEDFA have proposed a pooled borrowing as an effective method of helping the smaller municipalities in Pennsylvania.
To date, PEDFA has concentrated its efforts on business financing and economic development and has financed more than 200 separate projects totalling more than $1.3 billion.
At this time, the PLC and PEDFA are working to determine the initial municipalities that will be participating in the first pooled issuance.