For the first time in the agency’s history, CFX received a AA- rating highlighting CFX’s strong performance and growth.
On July 18, 2024, S&P Global Ratings raised its long-term rating and underlying rating for CFX to ‘AA-‘ from ‘A+’ on the agency’s senior-lien revenue bonds outstanding. At the same time, S&P Global Ratings assigned its ‘AA-‘ long-term rating to CFX’s proposed $145.4 million series 2024A bonds and $215.6 million series 2024B Bonds.
“The rating action reflects our view of the system’s strong traffic and revenue trends through different economic cycles and strong rate-setting flexibility, which we expect will allow CFX to maintain favorable financial metrics as it issues additional debt to finance its five-year work plan,” said S&PGlobal Ratings credit analyst Kayla Smith.
Read the full outlook: Central Florida Expressway Authority Revenue Bond | S&P Global Ratings