The Pennsylvania Turnpike project, exclusively represented by Worldway, has undoubtedly become the most prominent EB-5 investment immigration project of 2014.
The reason the Pennsylvania Turnpike project has attracted numerous investors, even reaching a near-sold-out situation at times, lies fundamentally in its two outstanding advantages: first, it is a 100% government project that has received actual project I-924 pre-approval from the U.S. Citizenship and Immigration Services; second, the Pennsylvania Turnpike Commission, as the borrowing entity, has a long-standing A+ credit rating.
100% Government Project Approved by the U.S. Citizenship and Immigration Services
The Pennsylvania Turnpike project is a rare EB-5 project that is jointly invested by the U.S. federal government and the Pennsylvania state government, and is borrowed and guaranteed for repayment by the Pennsylvania Turnpike Commission. It has received I-924 pre-approval from the U.S. Citizenship and Immigration Services, is 100% government-owned, government-invested, government-managed, government-operated, government-borrowed, and government-repaid EB-5 project.
Received project pre-approval from the immigration bureau on May 27, 2014
The reason the Pennsylvania Turnpike project is referred to as a 100% government project approved by the U.S. Citizenship and Immigration Services is not only supported by relevant documents approved by the immigration bureau but also by video materials of speeches from U.S. officials and congressmen.
The Pennsylvania Turnpike project is the first EB-5 project promoted in collaboration between U.S. congressmen and Chinese immigration agencies since the enactment of the U.S. investment immigration EB-5 law.
U.S. Congressman Mike Fitzpatrick emphasized at the project briefing that the reason he is willing to personally promote this project in China is that it is not a project of private developers, but rather a project jointly invested by the U.S. federal government and the state government, owned and managed by the state government, and is a "key project concerning U.S. national interests," which has already received I-924 pre-approval from the U.S. Citizenship and Immigration Services.
U.S. Congressman Mike Fitzpatrick speaking at the project briefing
Additionally, another U.S. Congressman, Joe Garcia, has also clearly stated that improving U.S. municipal construction through EB-5 financing aligns with the legislative purpose of the EB-5 law, and the U.S. Congress will provide strong support.
Finally, Ronald Klasko, chairman of the EB-5 Committee of the American Immigration Lawyers Association, has repeatedly emphasized: since the Pennsylvania Turnpike project has received I-924 pre-approval from the U.S. Citizenship and Immigration Services, and this project is an investment project of the U.S. federal and state governments, he is willing to commit: if a client's I-526 application is denied for any reason, his legal team will refund all attorney fees. (Note: Speeches by U.S. Congressman Mike Fitzpatrick and attorney Ronald Klasko can be viewed on the Worldway official website video materials.)
A+ Credit Rating of the Borrowing Entity
The borrowing entity—the Pennsylvania Turnpike Commission—has long maintained a high credit rating, with the three major international rating agencies (S&P, Moody's, and Fitch) rating the Pennsylvania Turnpike Commission as "A+", "A1", and "A+" respectively.
The three major international rating agencies (S&P, Moody's, and Fitch) are internationally recognized risk investment rating agencies that use professional talent, databases, and assessment methods to comprehensively evaluate the asset status, liabilities, repayment ability, and creditworthiness of the rated entities.
The rating agency has objectively assessed and quantitatively detailed the borrowing entity's liabilities and repayment capabilities. For borrowing projects with credit ratings, one can clearly understand the borrowing entity's liabilities and repayment capabilities by looking at its credit rating. Currently, the rating reports from the three major international rating agencies have become an important reference for governments, investment institutions, and individual investors in making EB-5 investment risk decisions.
In fact, Pennsylvania is the sixth largest state in the U.S. and ranks as the 18th largest economy in the world, possessing strong economic strength. According to the latest data from the regional center, the Pennsylvania Turnpike Commission currently collects $830 million annually, and it is expected that by 2020 (when the EB-5 project is due for repayment), its annual revenue will reach $1.3 billion (as evidenced by regional center documentation), with a current default rate of zero.
The Pennsylvania Turnpike Commission (PTC), rated A+ by the three major credit rating agencies, is a government financing and bond-issuing agency under the Pennsylvania state government, with a history of over 70 years. Its credit rating has consistently remained above A+, and the three major credit rating agencies have conducted comprehensive assessments of its asset status, liabilities, repayment ability, and creditworthiness.
According to the assessment results, the Pennsylvania Turnpike Commission has strong performance and repayment capabilities, which are comparatively higher than the credit ratings of all current Chinese state-owned banks (rated A), and even higher than the credit rating of the Japanese government (note: the Japanese government is rated A1), and historically, there has never been any default event. This is also the strongest advantage attracting investors. (For summaries of the rating reports from the three major international credit agencies, please refer to the relevant documents and news on the Worldway official website.)
The credit ratings of the Pennsylvania Turnpike Commission by the three major rating agencies are "A+", "A1", and "A+" respectively.
