TEXT-Fitch publishes quarterly toll road trend data

Thu Feb 14, 2013 3:30pm EST

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Feb 14 - Fitch Ratings has published a quarterly snapshot detailing volume
and revenue trends for its rated toll roads in the United States. Going forward,
Fitch will continue to make this data available on a quarterly basis on
www.fitchratings.com.

Calendar Year-to-Date (CYTD) traffic through November 2012 across nearly all of
Fitch's rated U.S. toll road portfolio was up over the previous year. This is
consistent with Fitch's expectations as reflected in the 2013 Outlook. The only
notable exception would be the Garden State Parkway and New Jersey Turnpike
which are experiencing some price elasticity to their recent 50% toll increases.
Given these improving traffic profiles and/or recent toll increases, CYTD
revenues are up over the prior year for an even larger percentage of Fitch's
rated portfolio.

On a geographic basis, the most resilient region remains the Southwest,
particularly Texas and Oklahoma, as a result of more robust economic conditions.
The weakest and most volatile region CYTD has been the Northeast; however it's
important to note that many authorities have implemented significant rate
increases and Hurricane Sandy has had a measurable impact on recent performance.

Traffic on expressways continues to perform the strongest in 2012 due in part to
new segments coming online and a primarily commuter driven user base. The
remaining facility types have performed relatively flat, and in tandem, with the
notable exception of bridges in recent months resulting again from Hurricane
Sandy's impact on the Triborough Bridge and Tunnel Authority. Collectively,
traffic on Fitch's U.S. toll road rated portfolio continues to display a greater
resiliency than does the national vehicle miles traveled as reported by the
Federal Highway Administration.Additional information is available on www.fitchratings.com.

Applicable Criteria and Related Research:
--'Rating Criteria for Infrastructure and Project Finance', July 12, 2012.

Applicable Criteria and Related Research:
Rating Criteria for Infrastructure and Project Finance
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