OREANDA-NEWS. A peer review of U.S. toll road ratings reveals that the four positive ratings actions taken in 2015 were the result of better than expected operating performance and debt restructuring, according to a new Fitch Ratings report.

'While dramatic rating changes in the near term are unlikely, positive operating performance trends have developed in recent times and, if this trend continues as expected, an increasing number of U.S. toll road credits could see outlooks revised upwards,' said Saavan Gatfield, Senior Director.

Other report highlights include:

--The implementation of SJHTCA's new, more sustainable debt structure resulted in an upgrade of the senior lien rating, and a new junior lien rating assigned.

--E-470's continuing efforts to smooth its debt service profile through debt refundings, along with its sustained strong operating performance, contributed to the upgrade of its outstanding debt to 'BBB'/Outlook Stable from 'BBB-'/Outlook Positive.

--Sustained growth in population, employment and overall economic activity in and around Austin, TX over several years led to a continued strengthening of CTTS' increasingly congested service area which, combined with a restructuring of its debt led to an upgrade on its senior lien obligations from 'BBB+' to 'A-' and the assignment of a 'BBB' rating to new junior lien debt, both with a Stable Outlook.

--Miami Dade Expressway Authority (MDX) saw its senior debt rating raised from 'A-'/Outlook Stable to 'A'/ Outlook Stable on account of performance being sharply ahead of expectation over the prior year in the context of a doubling of tolling points and effective toll rates on its facilities.