Fitch Ratings-New York, April 11, 2018: The ratings trajectory is improving for several U.S. managed lanes with more new projects now operational, according to Fitch Ratings in its latest peer review for the sector.
The new managed lane projects are proliferating as performance on recently opened facilities has been generally in line with original expectations and, in a few instances, better than expected. Since its 2017 review, Fitch has revised the Rating Outlook on one managed lanes project to Positive and upgraded two ratings of another project.
“The longest operating facility, SR-91 in California, has seen an immediate and sizeable boost to Orange County Transportation Authority’s revenues from the Riverside County Transportation Commission’s express lanes extension, which led Fitch to revise its Rating Outlook on the project to Positive from Stable,” said Director Tanya Langman. “Elsewhere, financial performance for 95 Express in Northern Virginia has been stronger than anticipated even with the addition of more debt brought on by the I-395 express lanes extension, which led to Fitch upgrading the ratings on the project.” Most of Fitch’s other rated managed lane projects have Stable Outlooks and will likely maintain them in the coming months.
Despite the sector’s relative infancy, more new managed lane projects are popping up throughout the country like Colorado’s C-470 express toll lane and I-66 in the Northern Virginia/Washington D.C area. “Construction for managed lanes like I-77 in Charlotte, NC and SH 288 in Houston, TX has been largely in line with expectations,” said Langman.
Fitch’s latest “Peer Review of U.S. Managed Lanes” is available at “www.fitchratings.com” or by clicking on the above link.
Tanya Langman, Director
Scott Monroe, Director
Additional information is available on www.fitchratings.com
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