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| The RMA newsroom serves as an information source for working members of the media who have a professional interest in the organization, its facilities and services or history. The RMA public relations department hopes you find this section of the website useful. Below are our latest news releases and media advisories. In addition, a list of Frequently Asked Questions (FAQs) are available for your review. Any media visits to RMA facilities must be authorized by the public relations department in advance. For more information,
please contact: Dec. 1, 2011 --Traffic Advisory The Richmond Metropolitan Authority announces alternating ramp closures beginning Saturday, Dec. 3 through Sunday, Dec. 4, between the Downtown Expressway and I-95 for its biennial bridge inspections. The lane closures are as follows:
Oct. 25, 2011--RMA receives new, upgraded bond ratings from the Big Three credit rating agencies -- Ratings come in conjunction with RMA debt restructuring vote -- The Richmond Metropolitan Authority (RMA) received new and upgraded bond ratings on its expressway revenue refunding bonds, series 2011-D, from the Big Three credit rating agencies -- Fitch Ratings, Moody’s Corporation and Standard & Poor’s (S&P). Moody’s Investors Service assigned the RMA an initial, “A1 rating and a stable outlook,” based on “the [RMA’s] multi-asset nature of the system; the predominantly passenger and commuter traffic in a stable service area anchored by the state capitol; …and strong liquidity and well-maintained assets.” S&P has rated the RMA an A+ -- a new rating by the agency. “The rating reflects our view of a good competitive position for local and commuter traffic, strong historical liquidity levels and good performance, good upward rate-setting flexibility, and manageable capital needs that the [RMA] expects to undertake without additional debt," said a S&P credit analyst.
The RMA received an upgraded “A- rating, with a positive outlook,” from Fitch Ratings for the RMA’s bonds. Previously, the rating was an “A- rating, with a stable outlook.” According to Fitch, “The positive outlook reflects the strong financial performance in fiscal years 2010 and 2011 and Fitch's expectation that this performance will be maintained.”
The ratings from all three agencies come in conjunction with a unanimous vote by the RMA Board of Directors last week to approve a financial restructuring to pay a $62.1 million debt to the City of Richmond for monies provided to the RMA to fund debt service during the expressway’s formative years between 1975 and 1991. Over the years, the original $22.7 million subordinate obligation to the City has grown to $62.1 million, including interest.
“The opportunity to pay the City for the support it provided to establish the Expressway System is a significant moment in the history of the Authority,” said Mike Berry, RMA general manager. “The RMA board recognizes the benefit of this transaction that ultimately is in the best interest of our stakeholders and our customers.” Further, Berry noted that the debt can be repaid without a toll increase or any impact on our maintenance program.
The restructuring to pay the $62.1 million obligation to the City extends the maturity of bonded debt from 2022 to 2041. The transaction will include two anticipated bond issues in early November totaling $122.1 million. The RMA anticipates outstanding debt of $188.4 million after the financing is completed.
The RMA, created in 1966, is a regional political subdivision which owns and operates toll facilities, parking decks and The Diamond baseball stadium in central Virginia. In addition, the organization operates Main Street Station, a National Historic Landmark owned by the City of Richmond. October 18, 2011 -- Eastbound Downtown Expressway I-95 north ramp closed to traffic this weekend The eastbound Downtown Expressway I-95 north on-ramp will be closed to traffic this weekend, beginning Friday, Oct. 21, at 9 p.m. through Monday, Oct. 24 at 5 a.m. for scheduled maintenance. Downtown Expressway motorists are encouraged to use the designated detour to southbound I-95 to the Maury Street exit and perform a u-turn to access northbound I-95. August 11, 2011 -- Downtown Expressway eastbound, wide-load lane to close for ORT construction The eastbound full-service, wide-load lane on the Downtown Expressway will close Monday, Aug. 15, after morning rush hour as part of the roadway’s Open Road Tolling (ORT) construction project. Wide-load vehicles attempting to travel along the Downtown Expressway will be redirected by traffic guidance signs prior to the Expressway/Powhite Parkway split. The Virginia Department of Motor Vehicles, which coordinates wide-load permit distribution, has been notified to temporarily decline permits for travel through the toll plaza. Two full-service lanes will continue to be operational to accommodate eastbound, morning rush-hour traffic. The lane is scheduled to reopen in spring 2012. The Downtown Expressway ORT (express lanes) project is scheduled to be completed in early fall 2012. This $14.5 million initiative will include implementation of three, westbound express lanes, whereby E-ZPass customers will be able to travel on the designated, barrier-free thoroughfare at 45 mph. The lanes will make full use of new technologies that electronic tolling has enabled in the last few years. Construction will involve canopy widening in both directions, the installation of additional lanes on both sides of the roadway, demolition of a portion of the toll plaza canopy, and implementation of an ORT gantry. Upon completion, the project is expected to have similarly successful results as the Powhite Parkway ORT project, including a reduction of rush-hour back-ups, the elimination of reversible lanes and increased air quality. July 27, 2011 --Powhite Parkway Forest Hill eastbound on-ramp to close for maintenance The eastbound Powhite Parkway Forest Hill on-ramp will close to traffic for bridge maintenance during evening hours beginning Monday, Aug. 1 through Thursday, Aug. 4. The ramp will close again the following week Monday, Aug. 8 through Thursday, Aug. 11. The ramp closure will take place each evening over the four-day period at 8 p.m. through 5:30 a.m., weather permitting. Motorists are advised to use an alternate route. July 11, 2011 -- Downtown Expressway westbound, full-service lane to close for ORT construction The westbound, wide-load travel lane at the Downtown Expressway Toll Plaza will close Wednesday, July 13 at 9 a.m., as part of the Open Road Tolling construction project. The lane is expected to reopen in early spring. Wide-load vehicles traveling westbound along the Downtown Expressway from I-95 must exit the Canal Street or Belvidere Street off-ramps before reaching the toll plaza. Traffic guidance signs will be placed to reroute wide-load drivers. Two full-service lanes will continue to be operational to accommodate westbound, afternoon rush-hour traffic. Motorists are advised to use caution in the work zone as traffic shifts. May 5, 2011 -- Alternating ramp and lane closures along Downtown Expressway Meadow Street ramps this weekend The Downtown Expressway Meadow Street on and off-ramps and travel lanes will undergo alternating closures Saturday, May 7 and Sunday, May 8 due to maintenance preparation work. The eastbound on-ramp will be closed on both days from 7 a.m. to 12 p.m. The westbound off-ramp will be closed on both days from 12 to 5 p.m. Motorists are advised to take alternate routes and to use caution in the area along Meadow Street.
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