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

S&P Global Ratings affirmed its 'BBB+' rating on Mid-Bay Bridge Authority, Fla.'s $227 million senior-lien toll revenue refunding bonds and 'BBB' rating on the authority's $30.5 million second-lien toll revenue refunding bonds. The outlook is stable. The bonds are secured by toll revenue of the system less administrative expenses and any costs of operation and maintenance (O&M) not provided for under a lease-purchase agreement between the authority and the Florida Department of Transportation (FDOT). As per the lease-purchase agreement, FDOT initially pays the system's O&M costs according to budget and the authority reimburses FDOT for these current-year O&M costs on a monthly basis after providing for minor administrative costs and debt service based on the flow of funds in the

...S&P Global Ratings affirmed its '###+' rating on Mid-Bay Bridge Authority, Fla.'s $227 million senior-lien toll revenue refunding bonds and '###' rating on the authority's $30.5 million second-lien toll revenue refunding bonds. The outlook is stable. The bonds are secured by toll revenue of the system less administrative expenses and any costs of operation and maintenance (O&M) not provided for under a lease-purchase agreement between the authority and the Florida Department of Transportation (FDOT). As per the lease-purchase agreement, FDOT initially pays the system's O&M costs according to budget and the authority reimburses FDOT for these current-year O&M costs on a monthly basis after providing for minor administrative costs and debt service based on the flow of funds in the indenture. The agreement directs the authority to subsequently apply 50% of remaining system revenue at fiscal year-end to reimburse FDOT for any accrued prior-year liabilities with the FDOT....

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