Toll transactions on Florida’s Turnpike were slightly higher in the first nine months of the about-to-end fiscal year, despite the state’s continuing economic doldrums, a rating document released last week said.
The Fitch Ratings agency recently announced it was maintaining its AA- rating on just under $3 billion in outstanding turnpike revenue and refunding bonds.
While not making news with a ratings change, the agency did lay out some figures on tolls that may reflect good economic news.
Toll collections were up each of the last two fiscal years after two years of declines, and in the first nine months of Fiscal Year 2012 are tracking about 1.6 percent higher than Fiscal Year 2011, the ratings agency said.
Toll revenue in FY 2011 was about $600 million, roughly in line with expectations.
“Florida’s economy has started to show signs of improvement in recent months; however, it is still in the early stages of an economic recovery,” the agency said. “Fitch expects flat to limited growth in traffic in the near term given current market conditions.”
