August 1, 2025 (Orlando, FL) ̶ On July 22, 2025, Moody’s Ratings upgraded Central Florida Expressway Authority’s (CFX) senior lien revenue bonds to ‘Aa3’ from ‘A1’ and its junior lien revenue bonds to ‘A1’ from ‘A2’. Moody’s revised the outlook to stable. Concurrently, S&P Global Ratings reaffirmed its ‘AA-‘ long-term rating on CFX’s senior-lien revenue bonds, maintaining a stable outlook following an upgrade in 2024.
These consecutive rating actions from two major agencies highlight market confidence in CFX’s governance and financial health. Moody’s and S&P Global both underscored CFX’s essential role as a large regional transportation system serving a rapidly expanding five-county region. Approximately 572 million transactions in 2024, favorable debt service coverage, and positive demographic and economic trends in Central Florida contribute to long-term credit stability.
“Strong credit ratings are more than just numbers; they reflect the trust our stakeholders place in us to deliver critical infrastructure in a fiscally responsible way. These upgrades are a testament to our disciplined financial management and long-term planning,” said Lisa Lumbard, Chief Financial Officer of CFX. We prioritize transparency and accountability in every financial decision we make, ensuring that we are not only meeting today’s needs but also preparing responsibly for tomorrow’s growth.”
S&P Global specifically cited CFX’s “very strong management and governance, reflecting a history of meeting and exceeding most operational and financial goals” along with a “very capable staff with considerable experience operating a regional tolling agency” as critical factors supporting its rating.
Moody’s cited CFX’s strong traffic and revenue performance and its proactive approach to implementing its large work plan to manage increased demand and growth as important factors in a recent release.
“These upgrades are a strong endorsement of our unwavering commitment to financial stewardship, accountability, and operational efficiency. They also reflect our continuous drive for improvement across every aspect of our operations,” said Michelle Maikisch, Executive Director of CFX. “Guided by these principles, we remain focused on building a resilient, future-ready transportation network that supports Central Florida’s long-term growth and prosperity. This recognition affirms the collective dedication of our board, our experienced team, and our regional partners to upholding a fiscally responsible budget that ensures sustainable progress for generations to come.”
For bondholders and investors, these upgrades underscore CFX’s financial health and long-term stability.
The ratings improvements enable CFX to maintain momentum on its Five-Year Work Plan, valued at $4.2 billion. The plan includes nearly 57 miles of new expressways in development, ranging from initial studies to active construction, supporting about 52,000 jobs annually, generating approximately $189.5 million in state and local taxes, and significantly contributing to Central Florida’s $90 billion tourism economy.
These developments align closely with CFX’s strategic goals of service excellence, building a world-class transportation network, ensuring financial soundness, and upholding core organizational values of excellence, innovation, teamwork, collaboration, and service.
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Key Questions Answered
What credit ratings does Central Florida Expressway Authority currently have?
As of July 22, 2025, Central Florida Expressway Authority (CFX) has an ‘Aa3’ rating from Moody’s Ratings for senior lien revenue bonds, and an ‘AA-‘ rating from S&P Global Ratings for its senior-lien revenue bonds. Moody’s also upgraded junior lien revenue bonds to ‘A1’. Fitch Ratings also assigned CFX an ‘A+’ rating on its approximately $2.8 billion senior revenue bonds and the ‘A’ rating on the agency’s approximately $196 million subordinated federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan.
Why are Central Florida Expressway Authority’s recent credit ratings notable?
Consecutive rating improvements from major credit agencies indicate strong market confidence in CFX’s financial health, transparent governance, operational efficiency and prudent infrastructure investment.
How does the Central Florida Expressway Authority’s credit rating affect local infrastructure projects?
Higher credit ratings enable CFX to borrow at lower interest rates, enhancing the financial feasibility of its $4.2 billion Five-Year Work Plan, which includes nearly 57 miles of new expressway projects supporting local economic growth and connectivity.