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 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 between the authority and FDOT, FDOT initially pays the system's O&M and preservation costs, and the authority reimburses FDOT for budgeted current-year O&M costs on
