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

S&P Global Ratings revised its outlook to positive from stable and affirmed its 'A-' and 'BBB+' ratings on Foothill-Eastern Transportation Corridor Agency (F/ETCA), Calif.'s outstanding senior-lien toll road refunding revenue bonds and junior-lien toll road refunding revenue bonds, respectively. In addition, S&P Global Ratings assigned its 'A-' long-term rating to F/ETCA's pro forma $891 million senior-lien toll road refunding revenue bonds, series 2019A. The outlook revision reflects financial performance that has exceeded the forecast from the 2013 restructuring and that there is at least a one-in-three chance that we could raise the ratings if traffic demand continues to meet or exceed projections, resulting in sustained debt service coverage (DSC) near current levels. The ratings reflect our opinion of a strong

...S&P Global Ratings revised its outlook to positive from stable and affirmed its 'A-' and '###+' ratings on Foothill-Eastern Transportation Corridor Agency (F/ETCA), Calif.'s outstanding senior-lien toll road refunding revenue bonds and junior-lien toll road refunding revenue bonds, respectively. In addition, S&P Global Ratings assigned its 'A-' long-term rating to F/ETCA's pro forma $891 million senior-lien toll road refunding revenue bonds, series 2019A. The outlook revision reflects financial performance that has exceeded the forecast from the 2013 restructuring and that there is at least a one-in-three chance that we could raise the ratings if traffic demand continues to meet or exceed projections, resulting in sustained debt service coverage (DSC) near current levels. The ratings reflect our opinion of a strong enterprise risk profile and strong financial risk profile but also the fact that we have not observed the road's performance through a full economic cycle since its debt restructuring...

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