fitch

Fitch Ratings see the 2012 outlook for tollroads (TRs) as basically stable with a  few negative. Traffic on TRs rated by Fitch has not been as weak as national vehicle miles traveled - in slight decline since March 2011.  They say traffic volumes will remain "pressured" through 2012 due to the weak economy.

Fitch Ratings have assigned an 'A' rating to $275m of new bonds being used for refinancing as well as the $7.72b in outstanding revenue bonds. And its outlook is 'stable' they say. Moody's are much less positive.

Fitch Rating has reaffirmed the existing 'AA-'  on $1,034m of Oklahoma Turnpike Authority bonds being refunded. The raters say toller's outlook is "stable."

They report that Credit strengths include:

- a mature and stable traffic profile, supported by significant rate-making flexibility and competitive toll rate structure

-  availability of fuel taxes as a last resort to pay debt service

- lack of competing free roads for long-distance travel

We wasted nearly half an hour yesterday trying to get through Fitch Ratings' layers of registration forms and security… and gave up. But for those with more patience than we have, apparently they've produced an interesting report on the financial condition of the New Jersey Turnpike:

the only link from their incompetent PR people http://www.fitchratings.com

annoying Fitch PR that just wastes your time, and gets you nowhere:

Fitch Ratings have put Massachusetts Turnpike Authority's metro highway bonds on a "Rating Watch Negative" and made blistering remarks following the Authority's Monday wimp-out from an announced toll increase March 29.

Fitch Ratings after a review of the New Jersey Turnpike have reaffirmed the 'A' rating for the big toller's revenue bonds, and say its overall outlook rating is Stable, a change from the Negative outlook they had before the recent toll increase.

Fitch raters say the Pennsylvania Turnpike Commission's financial plan under Act 44 may fail and higher than the promised toll increases may be needed: