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CFX RECEIVES AN ‘A+’ RATING FROM S&P GLOBAL RATINGS

On July 9, 2021, S&P Global Ratings assigned CFX its ‘A+’ long-term rating series 2021D senior-lien revenue bonds. At the same time, S&P Global Ratings affirmed its ‘A+’ rating on CFX’s senior-lien revenue bonds outstanding. S&P stated the rating and stable outlook “reflect our view of the continued improvement in CFX’s monthly toll transactions and revenues, which will allow management to achieve sustainable financial metrics going forward near 2019 levels, following a material drop in traffic and toll revenues in 2020.

“Furthermore,” the S&P report continued, “the stable outlook reflects projected financial results that are consistent with historical results that include the funding of the five-year capital improvement plan (CIP), with a combination of available surplus revenues, remaining bond proceeds, additional debt, and other available funds. We expect the authority will maintain financial metrics at levels consistent with the current rating.”

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