Irvine, Calif. - May 30, 2025 – The Transportation Corridor Agencies (TCA), operator of The Toll Roads, announces that Fitch Ratings has upgraded senior-lien and junior-lien bonds for the San Joaquin Hills Transportation Corridor Agency (SJHTCA) and the Foothill/Eastern Transportation Corridor Agency (F/ETCA), with the rating agency citing strong fiscal management and operating performance by both Agencies.
SJHTCA
Fitch Ratings upgraded SJHTCA’s senior lien bonds to A- from BBB+ and junior lien bonds to BBB+ from BBB, and the rating outlook remains positive. The SJHTCA operates the 73 Toll Road in Orange County, California.
“The upgrade reflects the Agency’s proactive and effective approach to debt reduction management through planned bond buybacks, while operating performance remains favorable” stated Fitch Ratings in their rating report released this month. “In January 2025, the SJHTCA successfully completed an early paydown of $200 million of junior lien bonds, demonstrating commitment to deleveraging.”
"We are pleased with Fitch's rating upgrade, which recognizes SJHTCA's ongoing commitment to early bond paydowns and other debt reduction strategies," said David Penaloza, Chair of SJHTCA and Santa Ana City Councilmember. "The Agency plans another early paydown of $47 million of callable toll revenue bonds in fiscal year 2026, further strengthening our financial position."
F/ETCA
Fitch Ratings upgraded F/ETCA’s senior lien bonds to A from A- and junior lien bonds to A- from BBB+, with a rating outlook of stable. The F/ETCA operates the 241, 261, and 133 Toll Roads in Orange County, California.
In its recent rating report, Fitch Ratings stated, “the upgrades reflect continued strong traffic and revenue performance, lifting rating case metrics to levels consistent with a higher rating, along with the agency's continued commitment towards deleveraging. The substantial interest savings resulting from ongoing buybacks and maintenance of robust liquidity has led to a strengthened credit profile supportive of the higher rating levels.”
“Every day, more and more people choose to drive The Toll Roads because of the predictable time savings and reliability the roadways provide,” said Trish Kelley, Chair of the F/ETCA and Mission Viejo City Councilmember. “The Agency continues to see positive, year-over-year traffic growth on The Toll Roads, which emphasizes the high value of mobility for drivers in Southern California.”
The Toll Roads have been providing a choice for drivers for over 30 years, and the tolls collected are used to repay the debt incurred to construct the system and fund ongoing operations and improvements.
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