August 3, 2026 (Orlando, FL) ̶ Fitch Ratings upgraded the Central Florida Expressway Authority’s (CFX) $2.5 billion senior lien revenue bonds to ‘AA-’ from ‘A+’ with a “stable” outlook.
In its July 24, 2026 announcement, Fitch indicated that the upgraded rating reflects how essential the CFX system is to commuters and visitors in the Orlando area and serves as a critical component to the Orlando area transportation network. The report also noted CFX’s prudent toll policies.
“This ratings upgrade reaffirms our approach at CFX of making thoughtful decisions that support both our current system and future investments that position us for the long-term,” said CFX Chief Financial Officer Lisa Lumbard. “They give us confidence in our ability to continue delivering on our capital program while maintaining a strong financial position.”
Building on CFX’s financial strength, the agency’s $4.46 billion Fiscal Year 2027-2031 Five-Year Work Plan invests in system enhancements and future projects that support the long-term value of the expressway network.
“These ratings reflect the value our customers see in the CFX system,” said CFX Executive Director Michelle Maikisch. “Our board and agency are focused on continuously improving how we connect this region so that every trip is reliable and seamless for the people who depend on us.”
In addition to the Fitch Ratings upgrade, in June 2026, Moody’s Ratings reaffirmed an Aa3 rating with a stable outlook to its $430.56 million Senior Lien Refunding Revenue Bonds, Series 2026A, and S&P Global Ratings reaffirmed its ‘AA-’ long-term rating with a stable outlook on the Authority’s senior-lien revenue bonds, including the Series 2026A issuance.
About the Central Florida Expressway Authority
The Central Florida Expressway Authority (CFX) is an independent agency of the State of Florida that operates and maintains a regional network of expressways for more than 3.6 million residents of Brevard, Lake, Orange, Osceola, and Seminole counties and more than 76.7 million annual visitors to Central Florida. CFX’s 125-centerline mile, user-funded system includes 73 interchanges, 14 mainline toll plazas, 5 mainline gantries, 76 ramp toll facilities, and 365 bridges. On average, more than 1.6 million toll transactions are recorded daily, all of them electronically. CFX operates E-PASS, the first electronic toll collection system in Florida, with more than one million E-PASS accounts. For more information, visit CFXway.com.