S&P Global Ratings assigned its 'AA' rating to the Oregon Department of Transportation's (ODOT) proposed $236.97 million grant anticipation revenue vehicle bonds (GARVEEs), series 2024. The outlook is stable. The bonds constitute special revenue obligations of ODOT secured solely by pledged direct GARVEE receipts and reimbursement payments from Title 23 federal aid transportation funds allocated by the Federal Highway Administration (FHWA) and designated for project-specific debt service under a memorandum of understanding (MOU) with the department, signed on Jan. 10, 2024. Oregon has a direct GARVEE program whereby FHWA reimburses the state for debt service on specifically approved, federally eligible projects. In practice, the state will convert only a portion of the total federally approved funding in an amount equal
