NEW YORK (S&P Global Ratings) May 9, 2025--S&P Global Ratings assigned its 'BBB+' rating to Mid-Bay Bridge Authority, Fla.'s $140 million first senior-lien revenue refunding bonds, series 2025. At the same time, we affirmed our 'BBB+' rating on the authority's outstanding senior-lien revenue bonds and our 'BBB' rating on its second-lien toll revenue bonds. The outlook is stable. "The ratings reflect our opinion of the system's adequate market position given its reliance on pledged revenue from a single asset, despite stable-to-growing demand trends," said S&P Global Ratings credit analyst Sussan Corson. Our stable outlook reflects our expectations that relatively level proforma debt service post-refunding, and no near-term additional borrowing plans, should support stable annual DSC even with no planned toll
