As it eyes possible $1B TRAX extension, UTA warned its bond rating may soon drop

Just as the Utah Transit Authority is eying a $1 billion project to extend TRAX light rail through the soon-to-be-vacated state prison site and on to Lehi, it heard a warning Wednesday that its bond rating may soon be downgraded.A lower bond rating increases the cost to borrow money — and heavy borrowing likely would be needed for the expensive new TRAX project being proposed.UTA already is $2.1 billion in debt, incurred as it accelerated building the TRAX and FrontRunner rail systems in r