Foothill-Eastern Transportation Corridor Agency, California; Toll Roads Bridges

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 (DSC) metrics that we expect will continue. 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

...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 (DSC) metrics that we expect will continue. 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 relief almost exclusively to private (noncommercial) vehicles in a wealthy service area....

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