Orlando, Fla. (April 20, 2021) – S&P Global Ratings affirmed Central Florida Expressway Authority’s (CFX) ‘A+’ long-term and underlying ratings on the agency’s senior-lien revenue bonds. The ratings agency also assigned its ‘A+’ rating to CFX’s $548.2 million series 2021 senior-lien refunding revenue bonds and revised CFX’s outlook to stable from negative.
The ratings agency commented that the long-term rating reflects the historically strong traffic trends due to CFX’s important role, critical links, and strategic location, despite traffic declines experienced during the pandemic. The strong ratings are further supported by strong economic and population growth in Central Florida that will continue to support CFX’s traffic growth.
S&P Global cited the outlook revision to ‘stable’ reflects the improvement in CFX’s monthly toll transactions and revenues after a material drop in traffic and toll revenues in 2020. This also combines with CFX’s projected financial results that are consistent with historical results.
The 2021 bonds will be used to refund and redeem 2008B-1, B-2, B-3, and B-4 bonds, and terminate 2004 swaps associated with refunded bonds.