Moody’s Investors Service has downgraded the San Joaquin Hills Transportation Corridor Agency’s rating to B1 from Ba2 after the agency completed a restructuring of its debt.

Moody’s said in a report Wednesday that the toll road’s new bond agreements have weakened the rate-covenant test threshold to 1.0 times annual debt service from 1.3 times and have also deferred repayment on $430 million of convertible capital appreciation bonds by up to 19 years.

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