Fitch Ratings affirmed their ‘A+’ rating on the Central Florida Expressway Authority’s (CFX) 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. Fitch also announced that the Rating Outlook for CFX remains stable.
In their September 25, 2023 announcement, Fitch Ratings said the positive ratings reflect “the essentiality of the CFX system to commuters and visitors in the Orlando area,” and noted that the agency has “demonstrated prudent toll policies.”
In their report, the ratings agency also stated that “CFX’s roadway system operates in a strong reference market and serves as a critical component to the Orlando area transportation network, supporting a largely commuter traffic base.” Fitch also noted that “CFX’s monthly traffic volumes have continued to improve since 2022 and that monthly revenues have recovered considerably since their low point in April 2020, surpassing pre-pandemic levels in FY 2022.”