Summary: Mid-Bay Bridge Authority, Florida; Toll Roads Bridges

S&P Global Ratings affirmed its 'BBB+' 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, using its "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises (TIE)" criteria, published March 12, 2018. The outlook is stable. The ratings reflect our opinion of the toll road's strong enterprise risk profile and adequate financial risk profile. The enterprise risk profile reflects the fact the system represents an important linkage in the road network that provides convenience and time savings for drivers in the Crestview-Fort Walton Beach-Destin area compared with alternative toll-free routes, but limited by its single-asset nature and seasonality and tourism exposure. The financial risk profile reflects debt service

...S&P Global Ratings affirmed its '###+' rating on Mid-Bay Bridge Authority, Fla.'s senior-lien toll revenue refunding bonds, and its '###' rating on the authority's subordinate-lien toll revenue refunding bonds, using its "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises (TIE)" criteria, published March 12, 2018. The outlook is stable. The ratings reflect our opinion of the toll road's strong enterprise risk profile and adequate financial risk profile. The enterprise risk profile reflects the fact the system represents an important linkage in the road network that provides convenience and time savings for drivers in the Crestview-Fort Walton Beach-Destin area compared with alternative toll-free routes, but limited by its single-asset nature and seasonality and tourism exposure. The financial risk profile reflects debt service coverage (DSC) that we expect to remain near current levels despite escalating debt service without any planned additional rate increases....

Summary