The Point: Exceeding performance metrics help upgrade the Commission’s 91 Express Lanes debt rating
On December 3rd, Fitch Ratings upgraded its ratings of RCTC’s 91 Express Lanes debt, signaling strong financial performance and prudent management of the toll lanes in Riverside County. The 91 Express Lanes not only met but exceeded baseline performance metrics, leading Fitch to upgrade the loan rating from ‘BBB ‘to ‘A.’ In addition to upgrading the bond rating, Fitch reaffirmed the Rating Outlook on the debt as “Stable,” reflecting strong demand for the 91 Express Lanes by customers who depend on reliable travel methods.
The 91 Express Lanes opened in Riverside County in 2017 and was financed partially through a $421 million federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan, which provided funding for much needed transportation infrastructure improvements. The TIFIA loan was refinanced in 2021, saving taxpayers funds with a decreased interest payment.
In November 2023, RCTC opened the 15/91 Express Lanes Connector and is making strides on the 15 Express Lanes Project Southern Extension with the release of the Draft Environmental Document. Through the toll lanes system, RCTC is building a multimodal transportation system that will help drivers and transit buses with reliable travel options.
Fitch ratings is an American credit rating agency that is one of three nationally recognized statistical rating organizations designated by the U.S. Securities and Exchange Commission.