David Pottier, Chief Financial Officer
MassDOT Investor Relations
MassDOT Investor Relations
Learn about MassDOT Investor Relations including our News & Press Releases, Projects, and Team.
Have questions? Reach out to us directly.
Learn about MassDOT Investor Relations including our News & Press Releases, Projects, and Team.
At MassDOT, transportation is not about roads and bridges, or trains and buses – it is about people. Our mission begins with customers - individuals, businesses, cities and towns, and regional transit agencies. We support programs and projects that deliver a high return on investment. We partner with cities and towns, public agencies, and private sector businesses. MassDOT supports the economic, quality of life, and environmental goals of the Commonwealth.
Boston's Sumner Tunnel will no longer need to be closed on weekends, as the major rehabilitation project that's required the key roadway to repeatedly close, including for extended stretches in each of the last two summers, is nearly complete, according to the Massachusetts Department of Transportation.
Those closures have snarled traffic headed into Boston, affecting residents of East Boston, travelers to and from Logan International Airport and more.
But work is ahead of schedule, and this weekend became the last one for which the tunnel had to be closed, officials announced Monday. The final repair work on minor issues will take place under what the Department of Transportation referred to as normal operations for off-peak times.
"The Sumner Tunnel Restoration Project was a hugely important effort that ensures this vital piece of infrastructure is in the best possible condition going forward," MassDOT Secretary and CEO Monica Tibbits-Nutt said in a statement. "We know this project created inconveniences for the public and particularly the people of East Boston. We thank them for their patience and cooperation."
The two-year repair project could have included five more weekend closures, into mid-November, officials said.
MassDOT shared these numbers on the project, which extends the useful life of the tunnel, one of a handful of crossings under the Charles River, by at least 75 years.
The Healey-Driscoll administration today announced that it is delivering more than $13 million for 14 projects to support local transportation infrastructure and other needs. The awards come from revenue generated by the Fair Share Amendment and are matching funds for projects and initiatives eligible for federal discretionary grants offered by the U.S. Department of Transportation.
These matching funds are part of a total of $476.5 million in Fair Share dollars made available for transportation investment in the FY24 Massachusetts Budget.
“When we empower city and town leaders to address their unique infrastructure needs, we are helping them achieve a better quality of life for their residents,” said Governor Maura Healey. “We’re proud to partner with the Legislature to dedicate Fair Share funding to critical initiatives like these, which will help make our state’s transportation network safer and more robust – and our municipalities more interconnected.”
“The communities selected for these Fair Share awards have shown that they know how to put infrastructure money to good use,” said Lieutenant Governor Driscoll. “We look forward to seeing the improvements they will deliver for their residents with this funding.
“Local leaders are knowledgeable and proactive when it comes to improving the transportation infrastructure their constituents rely on, and I want to congratulate the winners from this round of Fair Share funding,” said Transportation Secretary Monica Tibbits-Nutt. “We look forward to seeing the projects come to fruition to improve transit, create safer streets and expand transportation options.”
“The revenue from Fair Share funding is reserved for projects that can truly enhance the quality of the transportation and education systems that our communities rely on for a better future,” said Administration and Finance Secretary Matthew J. Gorzkowicz. “These award recipients have demonstrated the potential for their transportation projects to make a difference for users and we are proud to play our part.”
Among the projects receiving these Fair Share funds are:
A number of regional planning agencies are also receiving Fair Share funds for safety action plans. These plans will cover multiple regions throughout Massachusetts, including:
Safety action plans use a data-based approach to improve roadway safety for all users.
The $476.5 million of Fair Share funds included in the FY24 budget supports a variety of projects and initiatives in addition to matches for federal discretionary grants awards. Fair Share line items fund bridge construction, preservation, and repair and supplemental aid for municipalities for local roads and bridges. For transit, Fair Share funds support MBTA capital investments, the exploration of means-tested fares for the MBTA, operating assistance for ferry service, and regional transit authority improvements.
Moody’s Ratings improves rating by two levels, saying “outlook is stable."
The Massachusetts Department of Transportation (MassDOT) is pleased to announce internationally recognized bond credit rating company, Moody’s Ratings, has upgraded the Metropolitan Highway System’s (MHS) Senior Revenue Bonds, moving the rating up two levels, from A2 to Aa3. Along with the new Aa3 rating, Moody’s has determined the “outlook is stable.”
“This rating upgrade should reassure the public that we are on the right trajectory with our budget for the Metropolitan Highway System,” said Transportation Secretary and CEO Monica Tibbits-Nutt. “Moody’s expert analysis is valued and respected worldwide, and we are very pleased our financial management of the Metropolitan Highway System has been determined to be sound and that its liquidity profile is solid.”
MassDOT Chief Financial Officer David Pottier added, “We are pleased Moody’s Ratings believes in our ability to sustain the current liquidity profile while we continue to make major investments in the infrastructure for the Metropolitan Highway System assets. We are further pleased that Moody’s noted the important role of the governance of the MassDOT Board of Directors in achieving this upgrade. We are grateful for the review that was conducted and for the two notch rating upgrade.”
In announcing the upgrade, Moody’s stated, in part, that the upgrade, “reflects a track record of sound governance and financial performance of MHS and large contract assistance payments from the state which diminish bondholders' exposure to toll revenue volatility. The MHS currently has around $1.3 billion of bonds outstanding, of which $641 million are senior lien revenue bonds, and the balance are subordinated lien revenue bonds, rated Aa2 stable.” The ratings service added, “Governance is a key driver for the rating action and reflects the support by the state through contract assistance payments and the close relationship with the state as all board members are selected by the governor.”
The Metropolitan Highway System (MHS) is managed by MassDOT and includes:
The MHS transportation network consists of almost 250 lane miles of roadway, of which approximately two thirds are tolled. Tolled facilities include the Ted Williams Tunnel, Sumner/Callahan Tunnel System and the Boston Extension.
The MHS network also includes 227 bridges and viaducts and seven major tunnel structures, (three under Boston Harbor: Ted Williams, Sumner and Callahan; I-93 northbound and southbound tunnels, I-90 connector tunnel under Fort Point Channel and through South Boston, CANA tunnel beneath City Square through Charlestown).
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