bonds

China Daily is reporting that a bunch of state toll authorities in China are defaulting on bonds by announcing an "extension" of their loans. And the country's regulator says it's OK.

Georgia 400 tollroad in the northern part of Atlanta has been a successful state enterprise. By June next year, 20 years after it was financed, all the original bonds will be paid off. Interest and debt retirement has been running at around $9m/year while toll revenue is $21m.

Anti-toll sentiment is that tolls should be discontinued because politicians in the late 1980s and early 1990s said in 'selling' the tollroad then, that it would become free with the bonds paid off.

Fitch are rating North Carolina Turnpike Authority's Triangle Expressway bonds 'BBB-'. They include:

- $211m of Triangle Expressway (TE) current interest revenue bonds

- $84m of TE capital appreciation bonds

- $400m of TIFIA debt

North Texas Tollway Authority (NTTA) have announced that they've succeeded in the completing the longterm financing of the $3.2b concession fee they paid Texas Department of Transportation for the 50 year right to toll the 28 mile (45km) section of SH121 north of Dallas now known as 121 Tollway. To make the $3,200m upfront payment to the state on the toll concession last November NTTA issued a set of short term bond anticipation notes (BANs) which are now expiring.