Moody’s on Dulles Greenway Revenue Bonds

Moody’s Investors Service “has upgraded to Ba1 from Ba2 the underlying rating on Toll Road Investors Partnership II, LP’s . . . Dulles Greenway Project Revenue Bonds. The rating outlook is stable. The upgrade to Ba1 from Ba2 reflects the (1) multi-year traffic and revenue (T&R) growth that has accelerated over the last two years with traffic approaching prior peak levels; (2) the favorable resolution of the State Supreme Court decision validating the [company’s] right to raise tolls; and (3) the consistent annual implementation of toll rate increases that have generated strong revenue growth, increased reserve levels, and improved financial metrics that provide an adequate cushion against future traffic and revenue declines.”