Fitch Ratings Issues Latest US Toll Roads Peer Review

Fitch Ratings today released a peer review of the operating and financial performance of the US toll roads it rates. “The report exhibits 12 figures and ratios calculated from annual audited financial statements or from supplemental data received directly from the toll roads, along with select forward-looking metrics reflecting Fitch’s base and rating case analysis.” According to an accompanying news release, Fitch finds that the rated entities, which are financed with debt primarily secured by toll revenues, “are on a positive trajectory.” It notes that since issuing its previous review, it has taken only positive rating actions on the analyzed facilities and positively revised the Rating Outlook on five entities. “An overarching theme for the sector across the board has been strong and sustainable traffic,” Fitch states. The news release specifically notes that toll rate increases “have boosted revenue growth for systems with slower traffic recovery,” for example, the Bay Area Toll Authority in metro San Francisco and the Buffalo and Fort Erie Public Bridge Authority, operator of the Peace Bridge.

Fitch also released an update of its interactive peer study for US toll roads, “U.S. Toll Roads – 2024 Fitch Analytical Comparative Tool (FACT).” FACT “contains financial data for 42 publicly rated issuers. It provides statistics and metrics for issuers with fiscal years ended in 2022 with a historical comparison with 2018. The tool allows for analyses of rating trends, custom peer groups and individual issuers. The statistics reflect rating actions taken through December 2023 and historical financial data through Dec. 31, 2022.