rating

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.

Drops in traffic have led Standard & Poor's to downrate the debt of the Blue Water Bridge Canada, the Canadian government owned portion of the Michigan-Ontario bridge north of Detroit. The debt is now 'A-' vs 'A' before.

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

Fitch are rating North Carolina Turnpike Authority's Triangle Expressway bonds 'BBB-'. They include:

- $211m of Triangle Expressway (TE) current interest revenue bonds

- $84m of TE capital appreciation bonds

- $400m of TIFIA debt

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 Ratings have given Florida DOT a dream bond rating of 'AA-' on account of what they describe as the Turnpike Enterprise's "strong service area", their diversity of toll properties, their "track record of prudent and conservative project development and financial management," and their "proactive stance" toward raising tolls as needed.

Big Raritan Plaza fired up