...Florida Department of Transportation's (FL) 'AA' rating reflects the turnpike system's role as an essential network serving a broad customer base in a strong service area. The system benefits from considerable rate-making flexibility, evidenced by its legal ability to adjust toll rates above the consumer price index (CPI) and its history of several above-inflation toll rate increases. The rating also reflects the turnpike's robust debt service coverage and moderate leverage metrics, despite Florida Turnpike Enterprise's (FTE) substantial capital improvement program (CIP). The CIP has supported the continued expansion and maintenance of the turnpike and is expected to require $3.6 billion in additional debt issuances through fiscal 2031. However, FTE's resilient financial profile mitigates concerns related to future debt issuance, with metrics remaining commensurate with its 'AA' rating....
