S&P Global Ratings has raised its long-term rating on Central Florida Expressway Authority’s (CFX) senior-lien revenue bonds outstanding to ‘A+’ with a stable outlook. S&P credited the upgrade to CFX’s traffic and revenue performance that has exceeded forecasts, resulting in strong debt service coverage. Also cited was the system’s growth that has created a diversified system of roads that serves a large, expanding region that support continued traffic increases.
“Our CFX team does a tremendous job in making smart investments allowing CFX to invest prudently back into our community.” said Jay Madara, CFX Treasurer and CFO for Golf Channel. “This, along with the other recent upgraded credit ratings, shows the strength of our organization and our commitment to fiscal responsibility while also keeping focused on our priority of “customer first”. This rating upgrade also shows that the region’s economy continues to strengthen, thanks in large part to the region’s pro-growth business environment.”