Fitch: Start--Up Toll Deals Should Be More Flexible

Sanchez, Humberto
October 2004
Bond Buyer;10/20/2004, Vol. 350 Issue 31993, p4
Trade Publication
The article presents a report by Fitch Ratings In. The credit picture for bonds used to finance start-up toll roads would be strengthened if deals were structured with greater financial flexibility, including using maximum levels of liquidity, less frequent toll increases, and lower levels of initial leveraging. The report comes almost a year after another Fitch analysis that was critical of toll road revenue and traffic forecasts for being too optimistic and that proved to be unreliable--specially in the ramp-up years.


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