Toll revenue bonds

Legal challenges to congestion pricing tolls may delay much-needed repairs to the city's transit system, the Metropolitan Transportation Authority said. 

Louisiana, Georgia, Tennessee and Illinois have transportation P3s on tap, and the Army Corps of Engineers is advancing its first four P3 programs.

States are considering tolls, public-private partnerships, per-mile usage fees and even retail delivery fees to shore up transportation funding among a declining motor fuel tax.

Financing for the $2.1 billion Calcasieu River bridge includes a mix of state funds, federal grants and bonds, which will hit the market in early April.

The new governor and concessionaire on the $2.1 billion P3 have reached a revised deal that will lower tolls and provide a 15% equity contribution to the local area.

A 2023 state law gave legislative leaders four appointments to the six-member turnpike board as lawmakers sought to reform the agency in the wake of a controversial, bond-financed expansion project.

The municipal bond rally has brought two big Illinois issuers into the market with plans to sell refunding bonds this week.

Fitch Ratings has raised the Turnpike Authority's ratings to BBB-plus from BBB and assigned BBB-plus ratings to the Series 2024 A&B senior lien turnpike revenue bonds and Series 2024 subordinated TIFIA loan.

The $500 million of revenue bonds to initially finance a $5 billion controversial expansion program were priced amid a turbulent market.

The deal is expected to be executed Dec. 14, putting four government-run tollways under Albertis Infraestructuras SA, which already runs Puerto Rico toll roads.