Newspaper article The Record (Bergen County, NJ)

Moody's Likes Deal for Tunnel Financing

Newspaper article The Record (Bergen County, NJ)

Moody's Likes Deal for Tunnel Financing

Article excerpt

Moody's issued an interim report Tuesday expressing approval for a $20 billion financing agreement for the proposed Gateway Hudson River rail tunnel project, a spokesman for the private credit- rating company said.

"Although the program is in the early planning stages, the funding agreement signals growing political momentum for two new tunnels, which will run under the Hudson River and provide significant regional benefits," the report said.

Under the proposal, the federal government, including the Department of Transportation and the Amtrak rail service, would provide half the money, and the remaining costs would be shared equally by New York and New Jersey.

A new development corporation within the Port Authority would be created to identify financing options and oversee construction, which would start in 2021 and be completed by 2024, according to a timeline provided by Amtrak, the rating agency said. …

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