Owned and operated by OCTA, the 91 Express Lanes recently received an upgraded bond rating from one of the top three credit rating agencies. Moody’s Investors Service upgraded the rating on the 91 Express Lanes bond debt from A1 to Aa3.
In upgrading the bonds, Moody’s noted that it anticipates OCTA will “continue to manage the road in a prudent and conservative manner that will support a resilient credit profile.”
Moody’s also said that the 91 Express Lanes has shown evidence of consistent demand and a broadening base of users of the 91 Express Lanes.
“OCTA’s 91 Express Lanes continues to be a prime example of innovation in the transportation industry,” said OCTA Chairman Gene Hernandez, also the mayor of Yorba Linda. “For more than 25 years, tens of thousands of motorists have relied upon the 91 Express Lanes as a consistent time-saving option that benefits everybody who travels through the 91 corridor. I’m pleased to see Moody’s recognize these efforts with this upgraded rating and we look forward to many more years of strong performance and serving our residents, workers and visitors.”
OCTA is seeking to refinance the approximately $71 million in debt outstanding on its Senior Lien Toll Road Revenue Refunding Bonds (91 Express Lanes), Series 2023.
Since OCTA purchased the 91 Express Lanes in January 2003, the objective has been to raise and lower tolls to maximize the number of cars traveling through the 91 corridor, rather than maximizing revenue. The upgraded rating from Moody’s reflects strong inherent financial metrics as well as sound OCTA management.
Excess toll revenues, since OCTA’s purchase of the lanes, have led to more than $2 billion being earmarked or spent by both OCTA and the Riverside County Transportation Commission (RCTC) to improve the regular 91 lanes and make other transportation improvements, and another $1 billion in multimodal improvements are planned over the next 20 years. RCTC manages the 91 Express Lanes in Riverside County.