Toll revenue bonds

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.

Final state approval of the debt was conditioned on the resolution of a petition to the Oklahoma Supreme Court to revisit its Aug. 1 validation of the debt.

Miami-Dade County is fighting Florida lawmakers' latest attempts of a takeover of its expressway authority.

The rating is the first so far released for a controversial debt sale that will begin financing a $5 billion, 15-year toll road expansion project.

The bond issue, which was delayed due to litigation, would be the first debt sold by the turnpike authority for its $5 billion, 15-year toll road program.

The state's Council of Bond Oversight will once again consider $500 million of bonds for a controversial $5 billion Oklahoma Turnpike Authority expansion.

The upgrades mark the second in a year for the tollway authority's ratings, which were raised last August by S&P Global Ratings.

The 50-year concession will rebuild the aging Calcasieu Bridge, and impose the first tolls on Interstate 10.

The turnpike authority will now seek reapproval from the Oklahoma Council of Bond Oversight before it can head to the municipal bond market.

As the Oklahoma Supreme Court nears a decision on the validity of initial bonds for the turnpike's $5 billion project, property owners again raised objections.

The upgrades brought the Orange County Transportation Authority managed lanes toll credit to double-A levels across the board.

The Oklahoma Supreme Court is considering the turnpike's application to jumpstart funding for a $5 billion extension project with $500 million of revenue bonds.

The state Supreme Court decided the lawsuit in the turnpike authority's favor, but it has yet to rule on the validity of bonds to finance a $5 billion extension.

Changes affecting the turnpike's board, which take effect Nov. 1, come as it awaits a court ruling on issuing initial bonds for a $5 billion project.

The Oklahoma Turnpike Authority asked the court to approve $500 million of bonds to jumpstart funding for a $5 billion extension project.

The measure, which passed both legislative chambers in lopsided votes, would strip the governor of his sole ability to appoint turnpike board members.

The resignation comes after the bank was placed on the state treasurer's list of fossil fuel industry boycotters.

While the system took a hit during the COVID-19 pandemic, total traffic hit 94% of pre-pandemic levels in 2022. Traffic for the first two months of 2023 was 99% of levels in the same period of 2019.