The Delaware Department of Transportation recently announced that the Delaware Transportation Authority has achieved the highest possible credit ratings from both S&P Global Ratings and Moody’s Ratings ahead of its $92.4 million Series 2026 Transportation System Senior Revenue Bond sale set for Tuesday, Oct. 6. Bond proceeds will support projects within DelDOT’s Capital Transportation Program.

S&P upgraded DTA’s Transportation System Senior Revenue Bonds from AA+ to AAA, its highest rating, and assigned a stable outlook. Moody’s assigned an AAA rating, its highest rating, to the Series 2026 bonds and maintained its AAA rating on DTA’s outstanding senior revenue bonds, also with a stable outlook.

This achievement marks the first time in the department’s history that DelDOT has simultaneously held the highest possible credit ratings from both S&P and Moody’s. Delaware is now one of only two state departments of transportation in the nation to hold the highest ratings from both agencies.

Gov. Matt Meyer said, “Earning the highest possible credit ratings from both S&P and Moody’s is a tremendous achievement for DelDOT and a reflection of the strong financial stewardship behind our transportation system. These ratings matter because they lower the cost of borrowing, so more of our transportation dollars can go directly to improving our roads, bridges, transit systems and other critical infrastructure. This is a great example of responsible government delivering real value for Delaware taxpayers.”

Both rating agencies highlighted the financial strength supporting DelDOT’s Transportation Trust Fund. S&P cited the authority’s diverse pledged revenue stream, very strong debt service coverage, strong historical management and active debt management, as well as Delaware’s continued commitment to transportation funding. Moody’s cited Delaware’s credit strength, dedicated Transportation Trust Fund revenues and very strong debt service coverage. S&P also cited the transportation revenue enhancements enacted through House Bill 164, which increased certain DMV fees and established additional annual registration fees for electric, hybrid and other alternative-fuel vehicles. S&P expects the enhancements to increase pledged revenues and provide additional stability to the Transportation Trust Fund.   

Transportation Secretary Shanté Hastings said, “Achieving the highest possible credit ratings from both S&P and Moody’s is an incredible milestone for DelDOT, and a reflection of decades of responsible financial management and thoughtful planning. This did not happen overnight. It reflects the work of many people over many years to protect the Transportation Trust Fund, responsibly manage our debt and ensure we have the resources necessary to invest in Delaware’s transportation system. Most importantly, these ratings help us maximize every transportation dollar and put more of our resources toward the infrastructure Delawareans depend on.”