- Moody's Upgrades Debt Rating For Transportation Corridor Agencies Unit
- Miami-Dade Would Likely Object To Exempting Florida Residents From Paying Tolls
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Moody's Upgrades Debt Rating For Transportation Corridor Agencies Unit
On January 15, Moody’s Ratings upgraded to A3 from Baa1 its senior lien rating of the Foothill-Eastern Transportation Corridor Agency (FETCA), a component of Southern California’s Transportation Corridor Agencies (TCA). Moody’s also affirmed FECTA’s junior lien rating at Baa1. The outlook is stable.
In its ratings rationale, Moody’s cited the agency’s “substantial and growing cash balance, with approximately 30% cash to debt as of fiscal 2025,” “stable traffic levels coupled with a policy of annual toll rate increases,” and “a trend of improving leverage metrics, which we expect will continue and potentially accelerate beyond fiscal 2029.” Moody’s noted that FETCA toll revenue has recovered well from COVID pandemic dips and the agency’s roads network benefits from connectivity with Riverside County population centers.
TCA fiscal policy, particularly its emphasis on lowering debt, has earned the authority several ratings and outlook upgrades from Moody’s and other ratings agencies in recent years.
Sources: Moody’s news release (registration required for access), The Bond Buyer (subscription required)
California Company and Agency Financial Issues And Reports Investment Ratings Moody's Investors Service Transportation Corridor Agencies (CA)Miami-Dade Would Likely Object To Exempting Florida Residents From Paying Tolls
Last month, Florida Governor Ron DeSantis (R) proposed that a state official study the possibility of exempting state residents from paying tolls and shift the entire burden of toll payment onto non-residents. Miami-Dade County Mayor Daniella Levine Cava (D) recently declined to comment on the idea, stating through a spokesperson, “There isn’t a defined proposal that explains how this would work, where it would apply, or what the real impacts would be.”
Exemption would be a boon for the mayor’s constituents on Key Biscayne and Virginia Key who depend on the Rickenbacker Causeway to connect with the mainland. However, county officials would probably oppose it after just raising tolls to help cover a $400 million budget gap. The across-the-board rate hikes substantially increased per-trip tolls and the cost of annual plans that give island residents and commuters unlimited use of the causeway.
Sources: The Islander News, Miami-Dade County news release, TRN
Company and Agency Financial Issues And Reports Florida Miami-Dade County Toll Exemption And Discount And Equity Programs Toll Rate ChangesSubscription Information
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