Foothill-Eastern Transportation Corridor Agency, CA, Senior-Lien Bond Rating Raised To 'A-' From 'BBB-'

NEW YORK (S&P Global Ratings) Aug. 16, 2018--S&P Global Ratings raised its ratings on the Foothill-Eastern Transportation Corridor Agency (F/ETCA), Calif.'s senior-lien toll road refunding revenue bonds to 'A-' from 'BBB-', and junior-lien toll road refunding revenue bonds to 'BBB+' from 'BB+'. The outlook is stable. "The upgrade reflects a toll road asset operating in a highly congested corridor that has consistently shown increasing traffic despite annual toll increases, leading to strong debt service coverage metrics that we expect will continue," said S&P Global Ratings credit analyst Adam Torres. The rating action further reflects the application of our criteria, "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises" (TIEs), published March 12, 2018. The ratings reflect our opinion of a strong enterprise

...NEW YORK (S&P Global Ratings) Aug. 16, 2018--S&P Global Ratings raised its ratings on the Foothill-Eastern Transportation Corridor Agency (F/ETCA), Calif.'s senior-lien toll road refunding revenue bonds to 'A-' from '###-', and junior-lien toll road refunding revenue bonds to '###+' from '##+'. The outlook is stable. "The upgrade reflects a toll road asset operating in a highly congested corridor that has consistently shown increasing traffic despite annual toll increases, leading to strong debt service coverage metrics that we expect will continue," said S&P Global Ratings credit analyst Adam Torres. The rating action further reflects the application of our criteria, "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises" (TIEs), published March 12, 2018. The ratings reflect our opinion of a strong enterprise risk profile and strong financial risk profile. The strong enterprise risk profile reflects F/ETCA's characteristics as a toll road asset that provides congestion...

Ratings Action