...Extent of Report: This criteria is used for rating debt instruments where repayment is dependent on cash flows from tolled roads, bridges and tunnels (together, toll roads), including both assets with an operating history and greenfield assets currently under construction. Evaluation and Attributes: Among assets rated by Fitch Ratings under these criteria are those owned and operated by directly by public authorities or in separate enterprise funds, and those operated privately under long-term concession agreements. The criteria also apply to shadow toll roads. Finally, it partly applies to availability-based road projects in the assessment of risk factors such as operations, infrastructure renewal and, to some degree, traffic growth. However, these projects are primarily rated under Rating Criteria for Availability-Based Projects, an exposure draft for which was published June 17, 2015. Managed-lane projects feature unique risk profiles -- a detailed explanation of how Fitch applies the...
