RALEIGH – On June 2, 2023, S&P Global Ratings announced it is raising the North Carolina Turnpike Authority’s (NCTA) long-term rating to ‘BBB+’ from ‘BBB’ on the Monroe Expressway senior toll revenue bonds and the Turnpike’s subordinate Transportation Infrastructure Finance and Innovation Act (TIFIA) loan.
S&P Global credits the upgrade and “positive outlook” to “strong traffic volume growth supported by the extremely strong service area economic fundamentals” and “very strong management and governance, reflective of conservative financial practices.”
“NCTA is proud of the strong financial reflection of the Monroe Expressway as a result of this improved rating by S&P Global,” said James 'J.J.' Eden, N.C. Turnpike Authority Executive Director. “Our team is committed to the financial health of the facility, and we will continue to practice conservative financial practices to deliver successful toll projects on behalf of the communities that request them.”
S&P’s full ratings report can be found here: https://www.ncdot.gov/divisions/turnpike/investor/Documents/monroe-ratings-series-2023-sp.PDF