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Fitch Upgrade of BWI Bond Rating Reflects Airport's Strong Market Position  

HANOVER, MD (November 6, 2024) - Fitch Ratings has upgraded the Maryland Department of Transportation's revenue bonds for a major project at Baltimore/Washington International (BWI) Thurgood Marshall Airport to A+ from A with a stable outlook.  The rating upgrade comes in advance of an upcoming bond sale to complete construction of the Concourse A/B Connector and Baggage Handling System at BWI Marshall Airport.  Moody's Ratings assigned a rate of A1 with a stable outlook to the new issuance and re-affirmed that rating for the existing bonds.   

“The ratings upgrade, coupled with the recent addition of several new transcontinental flights by Southwest Airlines and two straight months of record-breaking passenger traffic, demonstrates the strength of BWI Marshall Airport and its important role in the region," said Maryland Transportation Secretary Paul J. Wiedefeld. “Our customers, the commitment from the Moore-Miller Administration, and the strength of our partnership with Southwest Airlines are key factors in these achievements."  

The sale of the revenue bonds is expected this month. Fitch cites both BWI Marshall Airport's financial profile, supported by the full recovery of passenger traffic, and its strong position in the competitive Baltimore-Washington D.C. market as key drivers of its rating upgrade. The credit ratings agency also noted the strategic importance of BWI Marshall Airport to the Southwest national network.  BWI Marshall Airport is the busiest Southwest station on the East Coast. In 2023, Southwest flew 18.3 million passengers at BWI Marshall. There are more than 5,200 Southwest employees in the local market, according to the airline.  

The upcoming sale of approximately $230 million in airport revenue bonds is an investment in the largest capital project in the airport's history. The work includes a direct connection between Concourses A and B, a sophisticated baggage handling system, expanded seating areas at passenger gates, new restrooms and added food and retail concession space.  Completion of the new baggage handling and connector system is scheduled for late 2025, with the entire expansion project expected to be completed in 2026.  

“These positive ratings reflect the strong financial position of our airport and our commitment to responsible fiscal management," said Ricky Smith, Executive Director/CEO of BWI Marshall Airport. “We are well positioned for work to enhance the passenger experience and drive economic growth for the region." 

Read more about the rating upgrade from Fitch Ratings here and Moody's rating here. 

BWI Marshall is a key driver of economic activity and transportation for the state of Maryland. As the busiest airport in the National Capital region for passenger traffic, the airport provides nearly 300 daily nonstop departures to about 90 domestic and international destinations and produces a total annual economic impact of $11.3 billion. BWI Marshall and its passengers generate, support and sustain more than 107,000 jobs throughout the region.

Deadline to Apply is April 30 for Eligible Applicants

HANOVER, MD (March 11, 2024) – The Maryland Department of Transportation launched the "Climate Focused Funding Portal" today. The new portal, accessed through the Maryland OneStop hub, allows eligible applicants to submit creative project proposals aimed at reducing carbon emissions and compete for dedicated funding. This funding opportunity comes from the Federal Highway Administration's Carbon Reduction Program, established in President Biden's Bipartisan Infrastructure Law.

The leading greenhouse gas contributor in Maryland is the transportation sector and MDOT is committed to doing its part to support policies and projects that significantly reduce carbon emissions in our state.  The Department will partner with MDOT's modal administrations and other eligible applicants to fund projects that will help achieve the bold greenhouse gas reductions included in Maryland's Climate Solutions Now Act.

“The transportation sector generates more than one-third of the greenhouse gas emissions in Maryland," said MDOT Secretary Paul J. Wiedefeld. “To win the race against climate change, we need new and innovative projects that deliver cleaner transportation options. The best solutions to our biggest challenges often come from our state and local partners, who deal with these issues day in and day out. The new program launching today is an important step towards meeting Governor Moore's goal of becoming the greenest state in the country." 

MDOT urges Metropolitan Planning Organizations, municipal and county governments and MDOT Modal Administrations to submit projects. The $55 million in funding available this year is a portion of the $94 million Maryland will receive from the Carbon Reduction Program over a five-year span.

You can review MDOT's Carbon Reduction Strategy and MDOT's 2023 Carbon Pollution Reduction Plan, a voluntary plan that sets a pathway to achieve the emission reduction targets under the Climate Solutions Now Act on MDOT's Climate Change website. For a comprehensive list of eligible project categories, please see the  FHWA CRP Implementation Guidance.  

Eligible applicants are encouraged to apply between March 11 and April 30.  For further assistance, contact Shawn Kiernan by email at skiernan@mdot.maryland.gov or at 410-865-2775.

Contracts Awarded Through MDOT, MEDCO Partnership Will Study Options to Create Transit Centers Along MARC Penn Line and Baltimore-area Light Rail, Subway 

HANOVER, MD (November 16, 2023) – The Maryland Department of Transportation today announced that two contracts have been awarded to study potential transit-oriented development sites at light rail and subway stations in the Baltimore region and at MARC Penn Line stations in the Baltimore-Washington corridor. The contracts were awarded by the department's partner, Maryland Economic Development Corporation, and are an important step in the state's commitment to a bold new approach to create vibrant, diverse transit hubs and advance Governor Wes Moore's vision of transit as a catalyst to lift neighborhoods, boost the economy and connect residents to opportunity.

“Governor Moore has entrusted us to create a world-class transportation network that's accessible, sustainable and equitable for all Marylanders, and connect all modes through transit centers that rejuvenate and celebrate our neighborhoods and communities," said Maryland Transportation Secretary Paul J. Wiedefeld. “These studies put that mission in motion."

The Moore-Miller Administration aims to create thriving, inclusive communities at each of its transit stations by integrating rail, bus, walking and biking infrastructure with retail, office, jobs, housing, education, essential services and recreational amenities. Many of Maryland's transit stations hold unrealized opportunity to promote and accelerate innovation, attract and incentivize economic growth and investment, and create community centers unique to specific neighborhoods. The centerpiece of the approach is partnership, with residents, local officials, community stakeholders and business leaders helping to shape the approach and the outcome.

The two study contracts were awarded in recent weeks to the international research and consulting firm HR&A Advisors Inc., which has served as a consultant and master plan developer for projects in New York, N.Y.; Washington D.C., Los Angeles, Calif.; Research Triangle, N.C., Houston, Texas; and dozens of other communities in the United States and abroad.

“HR&A is thrilled to have the opportunity to work closely with MDOT and MEDCO to advance transit-oriented development in the State of Maryland," said Stan Wall, Managing Partner at HR&A Advisors Inc. “Catalyzing the real estate market around MARC and MTA stations leverages the state's existing infrastructure, increases access to opportunity, and fosters equitable and sustainable economic development. This strategic approach to TOD will create a lasting positive impact for the existing and future residents and business of Maryland."

The Baltimore Region Study will examine the Maryland Transit Administration's Light Rail and Metro Subway stations in the Baltimore region to identify sites with strong market potential for transit-oriented development that can provide new transit access and economic opportunity for communities. The study will evaluate the overall market for transit-oriented in the Baltimore region, identify challenges, opportunities and tools needed to incentivize impactful transit-oriented development; and engage with communities and potential private, institutional and nonprofit partners.

The Penn Line Study will initially look at MARC stations along the Baltimore-Washington corridor –  Seabrook, Bowie State, Odenton, Baltimore/Washington International Thurgood Marshall Airport, Halethorpe and West Baltimore – and examine market potential, infrastructure, investment needs, benefits and financing. A second phase will study stations north of Baltimore including Martin State Airport, Edgewood, Aberdeen and Perryville. Both phases will consider the impact of MARC service expansion. Cross-state service into Delaware and Virginia is anticipated based on Maryland's recent framework agreements with both states to advance discussions and explore pilot service opportunities.

The contract awards stem from two requests for proposals announced in August​ by the Maryland Department of Transportation and the Maryland Economic Development Corporation. Both studies will identify sites poised to become transit centers now, and also determine needs at other sites that could be addressed to make them strong candidates in the future. ​

Both studies will be conducted in the coming months. These efforts will analyze feasibility and overall goals for stations which will then lead to master developer partnerships and a full community engagement process.

The Maryland Department of Transportation is committed to make collaboration a key element of both studies, working with fellow state agencies, local government, communities and public and private-sector partners on aspects from land-use and mobility to public amenities and job opportunities. The Maryland Economic Development Corporation will be an important partner throughout the process. The agency has provided support in the past for construction, bonding and financing of public projects needed for transit-oriented development.

“We value this opportunity to pursue Governor Moore's vision and partner with the Maryland Department of Transportation to deliver transit-oriented development solutions that improve access to opportunity and enhances the lives of all Marylanders," MEDCO Executive Director Tom Sadowski said.

Concurrent to these studies, the Maryland Department of Transportation is leading efforts to advance other Transit Oriented Development efforts including Developing a Transit-Oriented Development Parking Policy Framework and advancing a Joint Development Master Plan for Reisterstown Plaza.