Texas Toll Road Rating Cut by Moody’s Due to Default Risk
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Moody’s Investors Service downgraded about $1.1 billion of debt for the operator of State Highway 130, a toll road near Austin, Texas, saying “the project will have insufficient cash to meet its debt service payments due in June.”
The rating for SH 130 Concession Co. was cut five levels, from B1 to Caa3, its third-lowest junk grade level, Moody’s said in a news release today. The majority owner of the toll road is a unit of Ferrovial SA, based in Madrid.