Mainebiz

V O L . X X V I I I N O. I X M AY 2 , 2 0 2 2 8 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E I-295 bridge swap made in under 60 hours Working round-the-clock from Friday evening, April 22, to Monday morning, April 25, con- struction crews in Portland pulled off a feat that could have taken years — replacing an Interstate 295 bridge that's one of the busi- est stretches of road in the state. At 7 p.m. Friday, the Maine Department of Transportation closed a portion of I-295 to traffic, and by 7:10 p.m. crews were jack- hammering and beginning to dis- assemble the previous span, which was 61 years old and structurally deficient. Workers from Pittsfield- based Cianbro Cos., Gorham- based Shaw Bros. Construction and other contractors deployed in 90-person teams for 12-hour shifts. Each chunk of the bridge is 80 feet long and 47 feet wide, and weighs 400 tons. After three action- packed days, work was completed in time for that Monday's morning commute. N O T E W O R T H Y S O U T H E R N Greater Portland Landmarks said it was one of 80 organizations nationwide to receive a grant from the National Trust for Historic Preservation's Telling the Full History Preservation Fund. The organization received $25,000 to help identify the historic resources of underrep- resented communities in Portland, focusing on Black, Chinese and Armenian populations. ROUX CENTER FOR THE ENVIRONMENT, BOWDOIN COLLEGE We meet every project with a passion for quality, creativity and an emphasis on sustainability. WARRENCONSTRUCTIONGROUP.COM 207.865.3522 Portland's credit rating improves, which could aid future projects B y R e n e e C o r d e s S tandard & Poor's has raised its rating on Portland's municipal debt, making it cheaper for the city to sell bonds to finance projects and services. The ratings agency raised its long-term grade on Portland's previously issued general obligation bonds from AA+ to AAA. S&P also placed an AAA long-term rating on $52 million in new debt being issued in the form of 20-year general obli- gation bonds. Proceeds will pay for renovations at four of Portland's 10 public elementary schools as well as general fund and sewer fund capital needs. Brendan T. O'Connell, the city's finance director, told Mainebiz that the ratings upgrade should help Portland shave off 10 to 15 basis points in interest costs on the new $52 million issue, yielding savings of $520,000 to $780,000 over the life of the bond. "The move to 'AAA' is unique in that it also increases demand for Portland's bonds," he said, noting that only about a dozen municipalities in Maine make that category. The new bond pushes Portland above the $400 million mark in total debt outstanding, according to McConnell. He said the city will be paying off significant principal on a num- ber of bonds this year, including payment of $10.6 million in pension obligation bond principal in June. Other upcoming borrowing plans include $25 million to $30 million this summer for the city's Back Cove West Storage conduit project and another estimated $30 million in 2023, related to the city's capital improvement plan and one elementary school renovation. The S&P upgrade comes as interest rates are rising nationwide in reaction to the jump in inflation. Asked how the city is coping with rising rates, McConnell said, "We make sure we adjust our own investment portfolio as rates rise and fall so the interest we're receiving on our assets helps to offset the interest we're paying on our liabilities." In its research note, Standard & Poor's said the long-term rating move reflects its view of Portland's strong property tax base, subsequent revaluation and continued development stemming from a desirable location. "In our view, the city's debt profile is manageable even after accounting for additional debt issuances planned," the report said. The report also cautioned that Portland's environmental risks are elevated due to the city's seaside location and noted that migration and relocation from other countries has resulted in additional affordable housing needs. Additionally, S&P said it considers the city's governance risks in line with the sector standard but plans to keep tabs on those risks as they evolve. F I L E P H O T O B I Z M O N E Y S&P's upgrade reflects Portland's growth in the property tax- base, a recent revaluation and desirable location. S O U T H E R N

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