SAN FRANCISCO - Falling traffic and revenue prompted Fitch Ratings this week to cut its outlook on Foothill/Eastern Transportation Corridor Agency toll revenue bonds to negative from stable, while affirming the underlying BBB rating for $2.2 billion of debt backed by the 36-mile toll road network in Orange County, Calif.

It's the latest setback for the toll road agency, which was hit in December by a federal decision that threatens to kill its prime objective, a 16-mile extension.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.