Fitch Ratings announced that it has downgraded to ‘B’ from ‘BB’ the Indiana Finance Authority’s private activity bonds issued on behalf of I-69 Development Partners LLC (I-69 DP) for the I-69, Section 5 project. The bonds will remain on “Rating Watch Negative.” Fitch’s news release adds, “The downgrade reflects continued delays in construction and unresolved disputes between I-69 DP Isolux-Corsan USA (the construction contractor), and the IFA resulting in a limited margin remaining to complete the project by the current Long-Stop date.”
