S&P Global Ratings' long-term and underlying ratings on Mid-Bay Bridge Authority, Fla.'s senior-lien toll revenue refunding bonds is 'BBB+' and its long-term rating on the authority's second-lien toll revenue bonds is 'BBB'. 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 and the authority reimburses FDOT for budgeted 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
