Kiewit Meridiam Partners#/Colorado Bridge Enterprise#s Central 70 Project Debt Assigned #A-# Preliminary Ratings

Stocks and Financial Services Press Releases Tuesday December 12, 2017 09:41
NEW YORK--12 Dec--S&P Global Ratings

NEW YORK (S&P Global Ratings) Dec. 11, 2017--S&P Global Ratings today assigned its preliminary 'A-' rating to the proposed $116.915 million senior revenue bonds (Central 70 Project) Series 2017 due 2051 issued by Colorado Bridge Enterprise (CBE) on behalf of Kiewit Meridiam Partners LLC (KMP). At the same time, we assigned our 'A-' preliminary rating to KMP's proposed $416.0 million Transportation Infrastructure Finance and Innovation Act (TIFIA) secured loan due 2050. The outlook is stable.

The Central 70 project is a public-private partnership (P3) to redesign and expand a 10-mile section of the I-70 highway running through central Denver, Colo., and operate and maintain it.
The concession grantors are the CBE and Colorado High-Performance Transportation Enterprise. Each of these is a government-owned business within the Colorado Department of Transportation (CDOT).

The project will add capacity in each direction on I-70, and the ultimate configuration will include both general-purpose and managed lanes. In the western half of the project, the construction will remove an existing raised viaduct and replace it with a below-grade section. A 1,000-foot portion of the lowered western section will be covered to allow the construction of recreational spaces on top. In the eastern half, the road will be widened but kept at grade. The reconstruction also includes a number of bridges, all straightforward construction tasks. (There are nine cross-street bridges, seven I-70 bridges, two railroad bridges, and the I-270 eastbound bridge over I-70.) In addition, the project is responsible for the construction of tolling and monitoring infrastructure as well as lighting. The project runs from the intersection of I-70 and I-25 in the west to Tower Road in the east.

The final ratings will depend on our receipt and satisfactory review of all final transaction documentation, including legal opinions. Accordingly, the preliminary ratings should not be construed as the final ratings. If we do not receive final documentation within a reasonable timeframe, or if final documentation departs from the materials we reviewed, we reserve the right to withdraw or revise the ratings.

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