S&P Global Ratings has affirmed its 'BBB+' underlying rating on Mid-Bay Bridge Authority, Fla.'s senior-lien toll revenue refunding bonds, and its 'BBB' rating on the authority's subordinate-lien toll revenue refunding bonds. The outlook is stable. In our opinion, specific credit weaknesses include: An only adequate financial profile, with debt service coverage (DSC) we expect will remain at least near 1.3x (S&P Global Ratings-calculated), as well as historically weak liquidity The system's single-asset nature, with a majority of traffic and revenues coming from the Mid-Bay Bridge A local economy and demand profile that depends on the tourism industry We believe offsetting credit strengths include: Stabilizing traffic trends and good growth in the system's new component upon opening A good competitive position,
