Infrastructure Plans Could Hit A Financial Brick Wall

At long last, our nation's infrastructure crisis is being addressed as a top priority ("Road work ahead," Top of the News, Dec. 14). I share the concerns your article raises as to the magnitude of financing required due to the prolonged neglect of our public works . . . but the real financing challenge lies with issuers unable to access the capital markets because their projects do not have a demonstrated ability to generate revenues sufficient to service the debt issued. Investment-grade quality infrastructure projects are successfully financed through the municipal-securities market, which has the ability to efficiently distribute and absorb a high volume of securities. Last year's volume of newly issued debt is expected to exceed $210 billion, a record.

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