Fitch Ratings upgraded to A from BBB the long-term rating on $194.7 million of Massachusetts Turnpike Authority Metropolitan Highway System subordinated revenue bonds Series 1997B and $764.9 million of Series 1999A.
Additionally, Fitch has affirmed the BBB-plus long-term rating on the authority’s $1.2 billion of Series 1997A senior bonds and $89.1 million of Series 1997C senior revenue bonds. The rating outlook on both liens is stable.
On March 25, Fitch placed the MHS bonds on negative watch due to a confluence of challenges. These included escalating costs related to debt service and the increasing operation and maintenance expenses of the Central Artery/Tunnel operations.
