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COMMENTS

Credit FAQ: Final Update To S&P Global Ratings' U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises Criteria Implementation


Credit FAQ: Final Update To S&P Global Ratings' U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises Criteria Implementation

S&P Global Ratings has completed the implementation of updated criteria, "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises," published March 12, 2018. Since then, all new ratings and reviews of our existing ratings in the sector have reflected the updated criteria. This article answers frequently asked questions related to the final effects on our ratings.

Frequently Asked Questions

How many obligors did S&P Global Ratings review under the updated criteria?

We have completed reviewing all 205 in-scope obligors, of which 197 fell under one of five transportation infrastructure asset classes--airports, parking, ports, special facility projects, and toll roads and bridges (see chart 1 and table 1). The remaining eight include debt secured by stand-alone passenger facility charge (PFCs) revenues, user charges tied to a civic air service navigation provider (NavCanada), and the consolidated operations of a provider that operates a conglomeration of various transportation infrastructure assets (the Port Authority of New York and New Jersey). We reviewed 195 U.S.-based and 10 Canada-based obligors (see table 2 for current rating information).

Table 1

Transportation Infrastructure Enterprise (TIE) Obligors Reviewed
Airports 72
Toll facility 56
Ports 26
Parking 23
Special facility projects 20
Stand-alone PFC debt 6
Civic air service navigation provider 1
Consolidated 1
Grand total 205
PFC--Passenger facility charge.

Chart 1

image

What has been the overall rating impact?

Of the 205 obligors, we affirmed 132 (64%), upgraded 52 (25%), revised our outlook on seven (4%), downgraded four (2%), and assigned new ratings to 10 (5%; see chart 2).

Chart 2

image

What has been the rating impact within each specific asset class?

Of the 72 airport obligors, we affirmed 50 (69%), upgraded 17 (24%), revised our outlook on two, downgraded two, and assigned a new rating to one (see chart 3).

Chart 3

image

Of the 56 toll facility and bridge obligors, we affirmed 38 (68%), upgraded 10 (18%), downgraded two, revised the outlook on three, and assigned new ratings to three (see chart 4).

Chart 4

image

Of the 26 port obligors, we affirmed 16 (62%), upgraded eight (30%), revised our outlook on one, and assigned a new rating to one (see chart 5).

Chart 5

image

Of the 19 special facility projects, we affirmed six (32%), upgraded 11 (58%), and assigned a new rating to two (see chart 6).

Chart 6

image

Of the 24 parking system obligors, we affirmed 17 (70%), upgraded four (16%), revised our outlook on one, and assigned a new rating to two (see chart 7).

Chart 7

image

Lastly, we affirmed one rating on debt secured by user charges of a civic air service navigation provider and one rating on debt secured by net revenues from a consolidated transportation infrastructure provider; and for debt solely secured by PFC revenues, we affirmed three ratings, upgraded two, and assigned a new rating to one.

Which obligors did S&P Global Ratings review?

Table 2

Obligors Reviewed Under Updated Criteria As Of July 17, 2019
Sector (Security) Obligor State/Province Country Rating action Rating Outlook Date
Airports

A.B. Won Pat International Airport Authority

N/A U.S. Upgrade BBB+ Stable Sept. 26, 2018
Airports

Albany International Airport

NY U.S. Upgrade A Stable June 14, 2018
Airports

Albuquerque International Sunport

NM U.S. Affirmation A+ (senior) A (subordinate) Stable June 20, 2019
Airports

Augusta Regional Airport

GA U.S. Affirmation BBB Stable April 17, 2018
Airports

Austin

TX U.S. Affirmation A (senior) and A- (subordinate) Stable April 9, 2019
Airports

Bradley International Airport

CT U.S. Upgrade A+ Stable June 25, 2018
Airports

Burbank-Glendale-Pasadena Airport Authority

CA U.S. Affirmation A+ Stable Dec. 18, 2018
Airports

Charleston County Airport District

SC U.S. Affirmation A+ Stable Jan. 7, 2019
Airports

Charlotte/Douglas International Airport

NC U.S. Affirmation AA- Stable Feb. 8, 2019
Airports

Chicago Midway International Airport

IL U.S. Affirmation A (senior and subordinate) Stable July 16, 2018
Airports

Chicago O'Hare International Airport

IL U.S. Affirmation A Stable Nov. 19, 2018
Airports

Cleveland Hopkins International Airport

OH U.S. Upgrade A Stable Aug. 29, 2018
Airports

Dallas-Fort Worth International Airport

TX U.S. Affirmation A+ Stable July 8, 2019
Airports

Denver International Airport

CO U.S. Affirmation A+ Stable Aug. 2, 2018
Airports

Des Moines International Airport

IA U.S. Upgrade A+ Stable April 17, 2018
Airports

Detroit Metropolitan Wayne County Airport

MI U.S. Affirmation A (senior) and A- (subordinate) Stable Oct. 22, 2018
Airports

Edmonton Regional Airports Authority

AB Canada Affirmation A+ Stable June 7, 2019
Airports

El Paso International Airport

TX U.S. Affirmation A+ Stable Aug. 31, 2018
Airports

Fort Lauderdale-Hollywood International Airport

FL U.S. Affirmation A+ Stable Jan. 29, 2019
Airports

Fresno Yosemite International Airport

CA U.S. Upgrade A Stable June 18, 2018
Airports

Greater Orlando Aviation Authority

FL U.S. Affirmation AA- (senior) and A+ (subordinate) Stable Nov. 9, 2018
Airports

Greater Toronto Airports Authority

ON Canada Affirmation A+ Stable June 11, 2019
Airports

Halifax International Airport Authority

NS Canada Upgrade AA- Stable July 27, 2018
Airports

Hartsfield Jackson Atlanta International Airport

GA U.S. Affirmation AA- Stable June 1, 2018
Airports

Hawaii Airports System

HI U.S. Upgrade AA- (senior) and A+ (subordinate) Stable Aug. 1, 2018
Airports

Houston Airport System (Bush Intercontinental Airport and Hobby Airport)

TX U.S. Affirmation A+ (subordinate) Stable Aug. 8, 2018
Airports

Indianapolis Airport Authority

IN U.S. Affirmation A Stable Nov. 19, 2018
Airports

James M. Cox Dayton International Airport

OH U.S. Outlook revision BBB+ Stable May 8, 2019
Airports

John Wayne Airport

CA U.S. Affirmation AA- Stable March 28, 2019
Airports

Kansas City International Airport

MO U.S. Downgrade A Stable May 24, 2019
Airports

Las Vegas McCarran International Airport

NV U.S. Affirmation AA- (senior) and A+ (subordinate) Stable May 31, 2019
Airports

Los Angeles International Airport

CA U.S. Affirmation AA (senior) and AA- (subordinate) Stable May 29, 2019
Airports

Louisville Regional Airport Authority

KY U.S. Affirmation A+ Stable June 1, 2018
Airports

Love Field Airport Modernization Corporation

TX U.S. Affirmation A Stable June 19, 2019
Airports

Manchester Boston Regional Airport

NH U.S. Affirmation BBB+ Stable Jan. 29, 2019
Airports

Massachusetts Port Authority (Boston Logan International Airport)

MA U.S. Affirmation AA Stable June 21, 2019
Airports

Memphis International Airport

TN U.S. Upgrade A Stable May 18, 2018
Airports

Metropolitan Washington Airports Authority

DC U.S. Affirmation AA- Stable May 16, 2019
Airports

Miami International Airport

FL U.S. Affirmation A Stable April 24, 2019
Airports

Minneapolis-St. Paul Metro Airports Commission

MN U.S. Affirmation AA- (senior) and A+ (subordinate) Stable May 6, 2019
Airports

Mobile Airport Authority

AL U.S. Affirmation BBB+ Stable April 12, 2019
Airports

Myrtle Beach International Airport

SC U.S. Upgrade A+ Stable Oct. 30, 2018
Airports

Nashville International Airport

TN U.S. Affirmation A+ Stable March 14, 2019
Airports

New Orleans International Airport

LA U.S. Affirmation A- Stable Dec. 21, 2018
Airports

Norfolk Airport Authority

VA U.S. New A Stable May 15, 2019
Airports

Okaloosa County

FL U.S. Upgrade A- Stable June 22, 2018
Airports

Oklahoma City Airport Trust (Will Rogers World Airport)

OK U.S. Affirmation A+ Stable Oct. 24, 2018
Airports

Omaha Eppley Airfield

NE U.S. Affirmation AA- Stable April 13, 2018
Airports

Ontario International Airport Authority

CA U.S. Outlook revision A- Positive April 30, 2019
Airports

Ottawa Macdonald Cartier International Airport Authority

ON Canada Affirmation A+ Stable March 14, 2019
Airports

Palm Beach International Airport

FL U.S. Affirmation A+ Stable Nov. 14, 2018
Airports

Philadelphia International Airport

PA U.S. Affirmation A Stable March 6, 2019
Airports

Phoenix Sky Harbor International Airport

AZ U.S. Affirmation AA- (senior) and A+ (subordinate) Stable Oct. 15, 2018
Airports

Pittsburgh International Airport

PA U.S. Downgrade A- Stable June 28, 2019
Airports

Port of Pasco (Tri-Cities Airport)

WA U.S. Affirmation A- Stable June 20, 2018
Airports

Port of Seattle (Seattle-Tacoma International Airport)

WA U.S. Affirmation AA- (senior) and A+ (subordinate) Stable May 25, 2018
Airports

Portland International Airport

OR U.S. Affirmation AA- (senior) and A+ (subordinate) Stable March 20, 2019
Airports

Portland International Jetport

ME U.S. Affirmation BBB+ Stable March 28, 2019
Airports

Rhode Island Airport Corp.

RI U.S. Upgrade A Stable Dec. 20, 2018
Airports Rogue Valley International-Medford Airport OR U.S. Affirmation A Stable Sept. 5, 2018
Airports

Sacramento International Airport

CA U.S. Upgrade A+ (senior) and A (subordinate) Stable April 4, 2018
Airports

Salt Lake City International Airport

UT U.S. Affirmation A+ Stable Oct. 5, 2018
Airports

San Antonio International Airport

TX U.S. Affirmation A+ (senior) A (subordinate) Stable June 26, 2019
Airports

San Diego County Regional Airport Authority

CA U.S. Affirmation A+ (senior) and A (subordinate) Stable Nov. 1, 2018
Airports

San Francisco International Airport

CA U.S. Affirmation A+ Stable Jan. 2, 2019
Airports

San Jose International Airport

CA U.S. Upgrade A Stable June 14, 2018
Airports

Southwest Florida International Airport

FL U.S. Affirmation A Stable June 3, 2019
Airports

St. Louis Lambert International Airport

MO U.S. Upgrade A Stable June 5, 2019
Airports

Tampa International Airport

FL U.S. Affirmation AA- (senior) and A+ (subordinate) Stable Oct. 3, 2018
Airports

Tulsa Airport Improvement Trust

OK U.S. Upgrade A- Stable Oct. 4, 2018
Airports

Vancouver Airport Authority

BC Canada Affirmation AA Stable Aug. 10, 2018
Airports

Winnipeg Airports Authority Inc.

MB Canada Upgrade A+ Stable May 16, 2018
Civic air service navigation provider

NAV Canada

N/A Canada Affirmation AA (senior) and AA- (subordinate) Stable March 8, 2019
Consolidated

Port Authority of New York & New Jersey

NY U.S. Affirmation AA- Stable Aug. 9 , 2018
Parking

Albany Parking Authority

NY U.S. Upgrade A Stable Dec. 19, 2018
Parking

Baltimore Mayor & City Council

MD U.S. Affirmation AA- Stable July 6, 2018
Parking

Baltimore Washington International Airport

MD U.S. Outlook revision A Stable May 1, 2018
Parking

Berkeley Parking System

CA U.S. Affirmation A Stable 3/1/2019
Parking

Bradley International Airport

CT U.S. Upgrade BBB Stable June 29, 2018
Parking

Columbia

SC U.S. Upgrade A- Stable July 10, 2018
Parking

Community Development Properties Inc.

PA U.S. Affirmation BB- Negative Jan. 7, 2019
Parking

Lincoln

NE U.S. Affirmation A+ Stable Oct. 18, 2018
Parking

Little Rock

AR U.S. Affirmation A- Stable Sept. 14, 2018
Parking

Maryland Economic Development Corp.

MD U.S. New BBB (senior) and BBB- (subordinate) Stable June 29, 2018
Parking

Massachusetts Bay Transportation Authority

MA U.S. Affirmation A+ Stable Jan. 31, 2019
Parking

Miami Beach

FL U.S. Affirmation A+ Stable May 14, 2018
Parking

Missoula Parking Commission

MT U.S. Affirmation A- Stable Feb. 25, 2019
Parking

New Orleans Aviation Board Parking Facilities Corp.

LA U.S. New BBB+ Stable Sept. 14, 2018
Parking

Pennsylvania Economic Development Financing Authority

PA U.S. Affirmation BB+ Stable Jan. 31, 2019
Parking

Pike Place Market Preservation & Development Authority

WA U.S. Affirmation A- Stable March 14, 2019
Parking

Pittsburgh & Allegheny Sports & Exhibition Authority

PA U.S. Upgrade A Stable Jan. 31, 2019
Parking

Public Parking Authority of Pittsburgh

PA U.S. Affirmation A+ Stable April 24, 2018
Parking

San Diego Redevelopement Agency

CA U.S. Affirmation A Stable June 28, 2019
Parking

St. Louis City Parking Commission

MO U.S. Affirmation A (senior) and A- (subordinate) Stable March 18, 2019
Parking

St. Paul Housing and Redevelopment Authority

MN U.S. Affirmation A+ Stable Nov. 30, 2018
Parking

Tacoma

WA U.S. Affirmation A+ Stable 5/7/2019
Parking

Texas Medical Center

TX U.S. Affirmation AA- Stable July 24, 2018
Parking

The Philadelphia Parking Authority

PA U.S. Affirmation A Stable Nov. 29, 2018
Ports

Alabama State Port Authority

AL U.S. Affirmation A- Stable May 18, 2018
Ports

Alameda Corridor Transp Auth

CA U.S. Affirmation A- (senior) and BBB+ (subordinate) Stable June 18, 2018
Ports

Brownsville Navigation District

TX U.S. Upgrade A+ Stable Sept. 26, 2018
Ports

Galveston Wharves

TX U.S. Upgrade A- Stable Aug. 14, 2018
Ports

Guam Port Authority

GU U.S. New A Stable June 13, 2018
Ports

Halifax Port Authority

NS Canada Affirmation A+ Stable July 26, 2018
Ports

Hawaii Harbor Division

HI U.S. Affirmation AA- Stable April 11, 2018
Ports

Lake Charles Harbor and Terminal District

LA U.S. Upgrade A+ Stable April 12, 2019
Ports

Long Beach Harbor Dept.

CA U.S. Affirmation AA (senior) and AA- (subordinate) Stable Sept. 17, 2018
Ports

Los Angeles Harbor Department

CA U.S. Affirmation AA Stable Dec. 11, 2018
Ports

Oxnard Harbor District

CA U.S. Upgrade A Stable Jan. 17, 2019
Ports

Port Everglades

FL U.S. Upgrade A Stable Oct. 15, 2018
Ports

Port Freeport

TX U.S. Affirmation A Stable June 29, 2018
Ports

Port of Alaska

AK U.S. Affirmation A Stable Dec. 27, 2018
Ports

Port of Corpus Christi Authority

TX U.S. Outlook revision A+ Stable July 6, 2018
Ports

Port of New Orleans Board of Commissioners

LA U.S. Upgrade A Stable March 20, 2019
Ports

Port of Oakland

CA U.S. Affirmation A+ (senior) and A (subordinate) Stable Sept. 11, 2018
Ports

Port of Redwood City

CA U.S. Upgrade A- Stable April 3, 2019
Ports

Port of San Francisco

CA U.S. Affirmation A Stable May 18, 2018
Ports

Port of Tacoma

WA U.S. Affirmation AA- (senior) and A+ (subordinate) Stable Dec. 20, 2018
Ports

Port of Vancouver

WA U.S. Affirmation A Stable May 22, 2018
Ports

San Diego Unified Port District

CA U.S. Affirmation A+ Stable Nov. 6, 2018
Ports

South Carolina State Ports Authority

SC U.S. Affirmation A+ Stable May 11, 2018
Ports

Vancouver Fraser Port Authority

BC Canada Affirmation AA Stable Aug. 29, 2018
Ports

Virginia Port Authority

VA U.S. Affirmation A (senior); A- (subordinate) Stable June 26, 2019
Special facility projects

Austin CFC

TX U.S. Upgrade A Stable Nov. 30, 2018
Special facility projects

Bradley International Airport

CT U.S. New A- Stable March 14, 2019
Special facility projects

Bush Intercontinental Airport Consolidated Rental Car Facility

TX U.S. Upgrade A Stable Aug. 8, 2018
Special facility projects

Charlotte/Douglas International Airport CFC

NC U.S. Affirmation A Stable March 1, 2019
Special facility projects

Chicago O'Hare International Airport multimodal facility

IL U.S. Affirmation BBB (senior and subordinate) Positive June 28, 2019
Special facility projects

Hartsfield Jackson Atlanta International Airport CFC

GA U.S. Upgrade A Stable Nov. 30, 2018
Special facility projects

Hawaii Airports System rental car facility

HI U.S. Affirmation A+ Stable Aug. 3, 2018
Special facility projects

LAXFUEL Corp.

CA U.S. Affirmation A Stable May 2, 2018
Special facility projects

Louis Armstrong New Orleans International Airport CFC

LA U.S. Upgrade A Stable Sept. 18, 2018
Special facility projects

Massachusetts Port Authority CFC

MA U.S. Affirmation A Stable Sept. 5, 2018
Special facility projects

Nashville International Airport CFC

TN U.S. Upgrade A Stable March 14, 2019
Special facility projects

Phoenix Sky Harbor International Airport rental car facility

AZ U.S. Affirmation A Stable April 13, 2018
Special facility projects

Portland International Airport

OR U.S. New A- Stable March 20, 2019
Special facility projects

Rhode Island Airport Corp. CFC

RI U.S. Upgrade A Stable Dec. 20, 2018
Special facility projects

San Antonio International Airport CFC

TX U.S. Upgrade A Stable June 26, 2019
Special facility projects

San Diego County Regional Airport Authority CFC

CA U.S. Upgrade A Stable Oct. 31, 2018
Special facility projects

SEATAC Fuel Facilities LLC

WA U.S. Upgrade A Stable April 30, 2018
Special facility projects

SFO Fuel Co LLC

CA U.S. Upgrade A Stable May 2, 2018
Special facility projects

Tampa International Airport

FL U.S. Upgrade A Stable Oct. 10, 2018
Stand-alone PFC debt

Baltimore Washington International Airport

MD U.S. Affirmation A+ Stable May 21, 2019
Stand-alone PFC debt

Chicago O'Hare International Airport

IL U.S. Affirmation A Stable Sept. 18, 2018
Stand-alone PFC debt

New Orleans International Airport

LA U.S. Upgrade A+ Stable Dec. 21, 2018
Stand-alone PFC debt

Palm Springs International Airport

CA U.S. New A Stable June 13, 2019
Stand-alone PFC debt

Port of Seattle (Seattle-Tacoma International Airport)

WA U.S. Affirmation A+ Stable June 1, 2018
Stand-alone PFC debt

Portland International Airport

OR U.S. Upgrade A+ Stable May 16, 2019
Toll facility

Alligator Alley

FL U.S. Affirmation AA- Stable Aug. 27, 2018
Toll facility

Bay Area Toll Authority

CA U.S. Affirmation AA Stable Nov. 2, 2018
Toll facility

Buffalo and Fort Erie Public Bridge Authority

NY U.S. Affirmation A+ Stable Sept. 30, 2018
Toll facility

Central Florida Expressway Authority

FL U.S. Affirmation A+ Stable Nov. 6, 2018
Toll facility

Central Texas Regional Mobility Authority

TX U.S. Upgrade A- (senior) and BBB+ (subordinate) Stable Oct. 1, 2018
Toll facility

Central Texas Turnpike System

TX U.S. Affirmation A- (senior) and BBB+ (subordinate) Stable Oct. 24, 2018
Toll facility

Chesapeake Bay Bridge and Tunnel District

VA U.S. Affirmation BBB (senior and subordinate) Stable Feb. 12, 2019
Toll facility Chesapeake Transportation System VA U.S. Outlook revision BBB Positive Oct. 28, 2018
Toll facility

Delaware River & Bay Authority

DE U.S. Affirmation A Stable Aug. 29, 2018
Toll facility

Delaware River Joint Toll Bridge Commission

PA U.S. Affirmation A Stable May 17, 2018
Toll facility

Delaware River Port Authority

PA U.S. Upgrade A+ (senior) and A (subordinate) Stable Nov. 16, 2018
Toll facility

E-470 Public Highway Authority

CO U.S. Outlook revision A Positive Jan. 18, 2019
Toll facility

Federal Bridge Corp. Ltd.

ON Canada Upgrade A+ Stable Aug. 27, 2018
Toll facility

Florida Turnpike Enterprise

FL U.S. Affirmation AA Stable Oct. 29, 2018
Toll facility

Foothill/Eastern Transportation Corridor Agency

CA U.S. Upgrade A- Stable Aug. 15, 2018
Toll facility

Georgia State Road and Tollway Authority

GA U.S. Affirmation BBB Stable Sept. 28, 2018
Toll facility

Golden Gate Bridge Highway & Transportation District

CA U.S. Affirmation AA- Stable April 26, 2018
Toll facility

Grand Parkway Transportation Corp.

TX U.S. Outlook revision BBB (senior and subordinate) Positive Jan. 23, 2019
Toll facility Greater Miami Expressway Agency* FL U.S. CreditWatch A Watch Neg July 16, 2019
Toll facility

Greater New Orleans Expressway Commission

LA U.S. Affirmation A Stable Oct. 18, 2018
Toll facility Harris County Toll Road Authority TX U.S. Affirmation AA- Stable Nov. 30, 2018
Toll facility

Illinois State Toll Highway Authority

IL U.S. Affirmation AA- Stable June 7, 2019
Toll facility

Kansas Turnpike Authority

KS U.S. Affirmation AA- Stable March 5, 2019
Toll facility

Laredo

TX U.S. Affirmation A+ (senior) and A (subordinate) Stable Jan. 31, 2019
Toll facility

Lee County

FL U.S. Upgrade A+ Stable Aug. 23, 2018
Toll facility

Maine Turnpike Authority

ME U.S. Affirmation AA- (senior) and A+ (subordinate) Stable May 29, 2019
Toll facility

Maryland Transportation Authority

MD U.S. Affirmation AA- Stable May 29, 2019
Toll facility

Massachusetts Department of Transportation (Metropolitan Highway System)

MA U.S. Affirmation A+ (senior) and AA (subordinate) Stable April 15, 2019
Toll facility

McAllen International Toll Bridge

TX U.S. Affirmation A Stable May 16, 2018
Toll facility

Metropolitan Washington Airports Authority (Dulles Toll Road)

DC U.S. Affirmation A- (senior and junior [TIFIA]); BBB+ (subordinate) Stable May 16, 2019
Toll facility

Miami-Dade County (Rickenbacker Causeway)

FL U.S. Affirmation A- Stable Aug. 27, 2018
Toll facility

Mid-Bay Bridge Authority

FL U.S. Affirmation BBB+ (senior) and BBB (subordinate) Stable Mar 20, 2019
Toll facility

Montgomery County Toll Road Authority

TX U.S. New BBB- Stable May 25, 2018
Toll facility

New Hampshire Turnpike System

NH U.S. Upgrade AA- Stable Feb. 15, 2019
Toll facility

New Jersey Turnpike Authority

NJ U.S. Affirmation A+ Stable Jan. 17, 2019
Toll facility

New York State Bridge Authority

NY U.S. Downgrade A+ Stable Aug. 10, 2018
Toll facility

New York State Thruway Authority

NY U.S. Affirmation A (senior) and A- (subordinate) Stable April 12, 2019
Toll facility

Niagara Falls Bridge Commission

NY U.S. Affirmation A+ Stable May 25, 2018
Toll facility

North Carolina Turnpike Authority--Monroe Expressway

NC U.S. Upgrade BBB (senior and subordinate) Stable May 8, 2019
Toll facility

North Carolina Turnpike Authority--Triangle Expressway

NC U.S. Affirmation BBB Stable Nov. 8, 2018
Toll facility

North East Texas Regional Mobility Authority

TX U.S. Affirmation BBB (senior) and BBB- (subordinate) Stable Dec. 21, 2018
Toll facility

North Texas Tollway Authority

TX U.S. Upgrade A+ (senior) and A (subordinate) Stable Sept. 19, 2018
Toll facility

Ohio Turnpike & Infrastructure Commission

OH U.S. Affirmation AA- (senior) and A+ (subordinate) Stable April 15, 2019
Toll facility

Oklahoma Turnpike Authority

OK U.S. Affirmation AA- Stable Oct. 4, 2018
Toll facility

Orange County Transportation Authority--SR 91

CA U.S. Affirmation AA- Stable June 28, 2018
Toll facility

Osceola County (Poinciana Parkway)

FL U.S. Affirmation BBB- Stable March 29, 2019
Toll facility

Pennsylvania Turnpike Commission

PA U.S. Upgrade A+ (senior) and A (subordinate) Stable June 6, 2018
Toll facility

Rhode Island Turnpike & Bridge Authority

RI U.S. Affirmation A- Stable Aug. 24, 2018
Toll facility

Richmond Metropolitan Transportation Authority

VA U.S. Affirmation A+ Stable May 3, 2019
Toll facility

Riverside County Transportation Commission

CA U.S. Upgrade BBB Positive Aug. 31, 2018
Toll facility

San Diego Association of Governments

CA U.S. Affirmation A Stable Dec. 18, 2018
Toll facility

San Joaquin Hills Transportation Corridor Agency

CA U.S. Upgrade A- Stable Aug. 1, 2018
Toll facility

South Jersey Transportation Authority

NJ U.S. Affirmation BBB+ (senior) and BBB (subordinate) Stable July 6, 2018
Toll facility

Sunshine Skyway

FL U.S. New A Stable April 16, 2019
Toll facility

Tampa-Hillsborough County Expressway Authority

FL U.S. Affirmation A+ Stable Nov. 20, 2018
Toll facility

Triborough Bridge & Tunnel Authority

NY U.S. Affirmation AA- Stable May 7, 2019
Toll facility

West Virginia Parkways Authority

WV U.S. New AA- Stable July 23, 2018
Note: The table shows rating outcomes on obligors since the updated criteria took effect March 12, 2018. *Formerly known as the Miami-Dade County Expressway, which we downgraded to A/Negative from A+/Stable May 1, 2019. N/A--Not applicable.

This report does not constitute a rating action.

Primary Credit Analyst:Joseph J Pezzimenti, New York (1) 212-438-2038;
joseph.pezzimenti@spglobal.com
Secondary Contacts:Bhavini Patel, CFA, Toronto (1) 416-507-2558;
bhavini.patel@spglobal.com
Todd R Spence, Farmers Branch (1) 214-871-1424;
todd.spence@spglobal.com
Kurt E Forsgren, Boston (1) 617-530-8308;
kurt.forsgren@spglobal.com
Kayla Smith, Centennial + 1 (303) 721 4450;
kayla.smith@spglobal.com

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