Editor: On August 11, 2016, Fitch Ratings announced the update of its “Rating Criteria for Toll Roads, Bridges and Tunnels.” The updated criteria replace the existing criteria published on September 29, 2015, “without substantially modifying Fitch’s analytical approach. No changes to the ratings of existing transactions are anticipated as a result of the application of the updated criteria,” according to Fitch’s news release.
Fitch adds, “The report describes the analytical framework used by Fitch analysts when evaluating debt issued by toll road operators and authorities across the globe. The criteria apply to established toll road facilities with a long operating history, managed lane projects, as well as to greenfield projects currently under construction, and apply equally to all toll roads rated by Fitch regardless of ownership model. The report should be read in conjunction with Fitch’s report ‘Rating Criteria for Infrastructure and Project Finance,’ published July 9, 2016, and expands on the current toll road rating methodology used by Fitch.”