Florida Turnpike Enterprise's Pro Forma Series 2019A Turnpike Revenue Refunding Bonds Rated 'AA'; Outlook Is Stable
NEW YORK (S&P Global Ratings) Jan. 4, 2019--S&P Global Ratings has assigned its 'AA' long-term rating to Florida's pro forma $224.17 million series 2019A turnpike revenue refunding bonds, issued for the Florida Turnpike Enterprise (FTE or the turnpike). The outlook is stable. The series 2019A bond proceeds will refund series 2009B Build America Bonds (Federally Taxable-Issuer Subsidy) outstanding, fund a reserve account, if necessary, and pay issuance costs. The refunding is for debt service savings without extending maturities. "The rating reflects our assessment of the combination of the turnpike's very strong enterprise risk profile and very strong financial risk profile," said S&P Global Ratings credit analyst Joseph Pezzimenti. "The rating also reflects our opinion that the FTE serves one of the most-populous states that expects to have above-average population growth that we believe will support generally favorable traffic