We expect the Turnpike to adequately adjust its toll rates when needed to ensure its financial position remains strong and in line with its rating category.Despite the pandemic, fiscal 20 (ended June 30) financial metrics remained strong, and we expect this to continue. Owing to the strong coverage and liquidity and low leverage of the Turnpike, a toll rate increase is not needed to maintain sound financial metrics as traffic continues to recover. This is a credit negative development as it shows a weakening of the state's established tolling policy for state owned toll roads in Florida. If a toll rate adjustment was needed to comply with bond covenants it can still be made, but this is not required at this time. The amendment prohibits inflation toll rate adjustment from taking place in fiscal 2023, which would have been the year the Turnpike otherwise would have been required to adjust its toll rates by the total cumulative CPI over the last five years since its last toll rate increase. The rating further incorporates the turnpike system's demonstrated strong relationship with its owner FDOT and the state through centralized debt and financial oversight, FDOT's covenant to pay the turnpike's annual operating and maintenance (O&M) expenses on a reimbursable basis since 1997.A recent amendment to the state legislated toll rate regime is credit negative as it contradicts the historically credit supportive state legislated toll rate regime that requires toll rates to be adjusted by CPI at least once every five years on state-owned toll roads. In addition, the turnpike system also has a declining debt service schedule that provides room to add new debt without materially increasing near-term debt service costs. Nearly two-thirds of the capital projects are widenings and expansions that are revenue additive over time.
We expect forecast toll revenue growth and annual debt amortization to balance the $2.1 billion of new debt forecast to be issued to support the CIP. The rating is also supported by sustained above-average financial metrics that we expect to continue even as the $8.9 billion large capital improvement plan (CIP) is implemented through FY 2026. The outlook is stable.RATINGS RATIONALEThe Aa2 rating reflects the strategically vital role the turnpike system plays in Florida's economy as the turnpike system is a well-established multi-asset, statewide system that has a long history of effective tolling operations with a prudent approach to financial and capital management.
#FLORIDA DEPARTMENT OF FINANCES SERIES#
The future holds many unknowns but your Health Department will be there to serve your health needs.Rating Action: Moody's assigns Aa2 to Florida Department of Transportation's Turnpike Revenue Bonds, Series 2022B outlook stableGlobal Credit Research - New York, Ma- Moody's Investors Service, ("Moody's") has assigned a Aa2 rating to the Florida Department of Transportation's (FDOT) $134.9 million Turnpike Revenue Bonds, Series 2022B. Monitoring and testing for potential epidemics. Parental education in child care from pregnancy to birth and beyond For over 50 years it has led the way with innovative programs that include:
The Florida Department of Health in Palm Beach County has served as the model agency for the State of Florida and many other States throughout the country. In addition, the department shares responsibility for primary care of the medically indigent population of the county with the private sector by providing millions of services annually through its six health centers. The many and varied core programs include, disease prevention and control, environmental health and engineering, school health and health education.
The Florida Department of Health in Palm Beach County is a service organization responsible for the health of over a million residents in Palm Beach County.
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