Bloomberg: FL Development Finance Corp postpones $1.75B unrated bond sale for AAF

From Bloomberg Business: The Florida Development Finance Corp. this week postponed a $1.75 billion unrated bond sale for All Aboard Florida, a passenger railroad backed by Fortress Investment Group LLC, that underwriters have been marketing since August. 

 All Aboard Florida’s bonds are unrated, which is an indication they’d receive a junk rating.

It’s parent, Florida East Coast Industries, was ranked seven steps below investment grade by Standard & Poor’s last year. 

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