A Texas Freeway to Tollway Conversion Gets Tougher

As I've mentioned before, bond houses are getting tougher with toll road debt, after years of broken promises and flawed traffic and revenue forecasts. Texas tolls are the new pyramid scheme, and it seems like everyone is just now figuring that out.

SH 121 freeway to tollway conversion in Dallas gets a little harder as the local toll authority (NTTA) gets downgraded and all future ratings get dropped.

According to Business Wire article today:

"Fitch Ratings has downgraded its rating on $1.3 billion in outstanding North Texas Tollway Authority (NTTA) Dallas North Tollway System revenue bonds to 'BBB+' from 'A-' and simultaneously withdraws them. All debt ratings for this issuer are also withdrawn at this time. Fitch will no longer provide rating coverage of the North Texas Tollway Authority."

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