...DALLAS (Standard & Poor's) April 17, 2015--Standard & Poor's Ratings Services has assigned its '###+' underlying rating to Mid Bay Bridge Authority, Fla.'s $195.7 million series 2015A and $45.4 million series 2015B senior-lien toll revenue refunding bonds. At the same time, Standard & Poor's assigned its '###' rating to the authority's series 2015C $38 million second senior-lien toll revenue refunding bonds. Standard & Poor's also affirmed its '###+' rating on the authority's toll revenue bonds outstanding as well as the '###-' on the series 2011A and 2011B subordinate springing-lien toll revenue bonds. The outlook is stable. "In our opinion, specific credit weaknesses include a financial profile we view as only adequate," said Standard & Poor's credit analyst Anita Pancholy. We expect debt service coverage (DSC) will remain good, at no lower than 1.5x and 1.3x on the senior and second senior liens, respectively, pursuant to a newly adopted toll policy. We believe other credit weaknesses...
