Only July 6, 2021, Moody’s Investors Service (“Moody’s”) assigned an “A1” rating to the Central Florida Expressway Authority’s (CFX) Senior Lien Revenue Bonds, Series 2021D. Moody’s also affirmed an “A1” rating on CFX’s senior revenue bonds and an “A2” rating on its junior revenue bonds, concluding that the rating outlook is stable.
The Senior Lien Revenue Bonds, Series 2021D will help to finance CFX’s $3.2 billion Fiscal Year 2022-Fiscal Year 2026 Five Year Work Plan. Approximately 47% of the Work Plan is targeted for system expansion projects and 40% for existing system improvements.
The Moody’s report stated the A1 senior and A2 junior ratings reflect “strong traffic and revenue performance trending above forecasts despite the pandemic.” Moody’s report also cites CFX’s strong sustained financial metrics and the agency’s “proactive approach to undertaking capital improvements and expansion projects to serve a rapidly growing service area” in making their “A1” rating.