Turnpike's Bonds Face Downgrade, Senate Votes To Overhaul Transportation
As Massachusetts Turnpike Authority bonds are put on a "negative watch," the Massachusetts Senate overwhelmingly approved an overhaul of the state's transportation system.
The Senate's plan consolidates the state's transportation agencies into one giant entity. Supporters say it could save the state anywhere from $2.5 billion to $6.5 billion over 20 years.
The bill now heads for the House.
The legislative action takes place as the Turnpike's bonds could face a downgrade because of the Turnpike Authority's decision earlier this week to delay a toll increase.
The rating agency, Fitch Ratings, has put the Pike on a "negative watch" for a credit downgrade.
That negative status had been removed when the Pike approved a two-phased toll increase earlier this year.
This program aired on March 26, 2009. The audio for this program is not available.