Fitch Ratings upgraded the ratings on the E-470 Public Highway Authority’s outstanding senior revenue bonds to ‘A’ from ‘BBB+’, an action that affects $677 million ($1.41 billion including current value of accreted interest) of senior revenue debt outstanding. The Rating Outlook is Stable. Fitch’s announcement states, in part, “The upgrade reflects E-470’s continued strong traffic and revenue performance, which have led to higher than anticipated debt service coverage ratios and lower leverage, as well as nearly no reliance on future revenue growth to meet the escalating debt service profile and no anticipated future debt for capital needs.”
