Fitch Ratings affirms Missouri Highways & Transportation Commission’s (MHTC, or the commission) approximately $864.4 million of outstanding federal reimbursement state road bonds at ‘AA-‘. The Rating Outlook remains Stable.
KEY RATING DRIVERS:
DUAL PLEDGE PROVIDES STRONG COVERAGE: MHTC bonds are secured by a dual pledge of the first lien on federal highway revenues and the fourth lien on state highway revenues, primarily from motor fuel taxes which provide debt service support. In fiscal 2012, federal revenues alone provide debt service coverage of 13x while coverage including state revenues provides coverage of 20x. Read more on Market Watch.