Free Republic

Continuing delays on the construction of Interstate 69 between Bloomington and Martinsville have led to another ratings downgrade on the bonds issued to help finance the project. Standard & Poor’s has lowered its rating from BB+ to BB- on $244 million in bonds issued by the Indiana Finance Authority in 2014 for the interstate project. “The rating action reflects our view of increased construction risk at the project, which is eight months behind schedule and about 56 percent complete,” S&P Global Ratings credit analyst Tony Bettinelli said in the ratings agency’s statement on the downgrade last week. The 21-mile project,...

The state of Indiana needs to do a better job of looking out for the interests of Hoosiers, especially Monroe County Hoosiers, when it comes to construction of Interstate 69. Section 5 of the project, the part that starts just south of Bloomington and goes north to Martinsville, has run into problems. Not for the first time. Again, the private development company the state picked to build the highway has fallen behind on payments for work that’s been done. So major contractor Crider & Crider of Bloomington has stopped working, again, until it gets paid. State officials aren’t saying so,...