ORLANDO, Fla. – Aug. 15, 2025 – The Central Florida Expressway Authority (CFX) announced that Fitch Ratings revised CFX’s outlook to “Positive” from “Stable” and affirmed about $2.6 billion of senior revenue bonds at A+ and about $203 million of Transportation Infrastructure Finance and Innovation Act (TIFIA) subordinated debt at A.
Fitch said the action reflects the essential role of the CFX system in the Orlando-area transportation network, the agency’s proven ability to implement toll adjustments under a transparent policy, and stronger-than-expected fiscal 2024 results. The agency described current passenger-car tolls as “moderate.”
“The revised outlook from Fitch reflects the confidence our stakeholders and rating agencies have in our ability to deliver essential infrastructure through sound financial management,” said Lisa Lumbard, Chief Financial Officer of CFX. “These upgrades validate our disciplined approach to long-term planning and confirm our financial fundamentals are solid as we address the current transportation needs of our region and the future demands.”
Looking ahead, Fitch noted that sustained traffic and revenue trends, alongside stable debt service as capital projects roll out, could support an upgrade rating in the future if CFX maintains coverage above current expectations.
“The confidence from Fitch is critical as we deliver more than $4 billion in expressway projects through 2030 that will make our system safer, more reliable, and better prepared for the region’s continued growth,” said Michelle Maikisch, Executive Director of CFX. “This recognition reflects the dedication of our team and the strong governance of our board, whose leadership ensures these well-timed investments are rooted in fiscal responsibility. Together, we remain focused on delivering a transportation network that meets today’s needs and supports Central Florida’s long-term success.”
The outlook revision reflects Fitch’s view of credit trajectory given recent performance and planned borrowing. For more information, see Fitch’s Rating Action Commentary dated Aug. 15, 2025.
Notes for editors (ratings context): On July 25, 2025, Moody’s Ratings upgraded CFX’s senior-lien revenue bonds to Aa3 from A1 and junior-lien revenue bonds to A1 from A2 and assigned a Stable outlook; on July 22, 2025, S&P Global Ratings affirmed its AA- long-term rating on CFX’s senior-lien revenue bonds (following a 2024 upgrade).
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Key Questions Answered
What did Fitch announce about CFX on Aug. 15, 2025?
Fitch revised CFX’s Outlook to Positive from Stable and affirmed the ratings at A+ on about $2.6 billion of senior revenue bonds and A on about $203 million of TIFIA subordinated debt. This is not a rating upgrade.
Does this change toll rates or announce a bond sale?
No. The announcement reflects Fitch’s view of CFX’s credit profile. It doesn’t change toll rates, and it doesn’t announce a bond sale.
Why did Fitch revise the Outlook to Positive?
Fitch cited the essential role of CFX’s system in the Orlando area, a proven policy for implementing toll adjustments, and stronger-than-expected fiscal 2024 results. Fitch also highlighted CFX’s fixed rate, fully amortizing senior debt and a TIFIA loan that remains fully subordinated with no “springing lien.”
Why are Central Florida Expressway Authority’s recent credit ratings notable?
Consecutive rating actions from major credit agencies reinforce CFX’s financial stability, governance, and infrastructure investments, supporting operational efficiency, prudent planning and transparent policies.
What are CFX’s current credit ratings across agencies?
Fitch: A+ (senior), A (TIFIA), Outlook Positive (Aug. 15, 2025).
Moody’s: Aa3 (senior) and A1 (junior), Outlook Stable (action dated July 25, 2025).
S&P Global Ratings: AA- on the senior lien (affirmed July 22, 2025; upgraded to AA- in 2024).