October 1, 2013

Shutdown may imperil bonds backed by fed transit aid

WASHINGTON, D.C. — Bloomberg reported that municipal bonds backed by federal public transit aid are vulnerable to a government shutdown. At least $10 billion of Grant Anticipation Revenue Vehicles sold by states or transit systems and backed by federal highway or transportation aid are outstanding in the $3.7 trillion muni market, according to data compiled by Bloomberg.

A senior credit officer at Moody’s in New York told the news outlet that money will continue to flow to pay debt service on the highway bonds. However, appropriations for the securities through the Federal Transit Administration would be affected by the shutdown. For the full story, click here.

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