RALEIGH, N.C. – On October 25, 2023, Moody's Investor Service Inc. announced it is raising the North Carolina Turnpike Authority's (NCTA) long-term rating to “Baa2" from “Baa3" on the Monroe Expressway senior toll revenue bonds and subordinate Transportation Infrastructure Finance and Innovation Act (TIFIA) loan.
Moody's attributes the upgrade and “stable outlook" to “continuing strong traffic and revenue performance" and “strong support from the State of North Carolina."
“The Monroe Expressway continues to provide reliable travel times for North Carolinians," said James 'J.J.' Eden, N.C. Turnpike Authority executive director. “The success of the Monroe Expressway is attributed to a strong team of engineering and financing experts, as well as Union and Mecklenburg County leaders who continue to deliver reliable transportation options for the communities they serve."
On June 2, 2023, S&P Global Ratings announced it is raising the NCTA's long-term rating to “BBB+" from “BBB" on the Monroe Expressway senior toll revenue bonds and subordinate TIFIA loan.
The Monroe Expressway is an all-electronic toll road extending 19.8 miles from U.S. 74 near Interstate 485 in Mecklenburg County to U.S. 74 between the towns of Wingate and Marshville in Union County. The four-lane roadway opened to traffic on Nov. 27, 2018, and features an all-electronic tolling system that provides seamless travel without having to slow down or stop to pay tolls. Drivers traveling from Marshville to Matthews, for example, have a projected time savings of about 20 minutes.