(Orlando, FL) ̶ Fitch Ratings has revised the Central Florida Expressway Authority’s (CFX) Rating Outlooks from negative to stable. In their October 8, 2021 announcement, Fitch cited CFX’s “strong traffic recovery combined with several refunding transactions for debt savings, resulting in improved financial metrics.”
Fitch Ratings also affirmed CFX’s ‘A+’ credit rating on their approximately $2.7 billion senior revenue bonds, and the ‘A’ rating on CFX’s approximately $196 million subordinated federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan.
In their report, the ratings agency stated that CFX has “maintained its facilities to a high standard, with robust historical financial performance supporting a sizable portion of pay-as-you-go and debt-funded capital investment.” And that CFX “has a proven track record of delivering capital improvements and the flexibility to defer nonessential capital needs if needed in a weaker revenue environment.”
Fitch also noted that CFX’s expressway system is a critical component of Central Florida’s transportation network, supporting a largely commuter traffic base in giving CFX an ‘A+’ credit rating.