OREANDA-NEWS. S&P Global Ratings has assigned its 'A' rating to Miami-Dade County Expressway Authority (MDX), Fla.'s $99.1 million series 2016A toll system revenue and refunding bonds. At the same time, S&P Global Ratings affirmed its 'A' rating on the authority's outstanding rated bonds. The outlook is stable.

"The rating reflects what we consider the critical links that the urban toll system provides within the Miami-Dade County region roadway network, featuring moderate-to-significant time savings compared with travel times on free alternative routes," said S&P Global Ratings credit analyst Joseph Pezzimenti. We believe other credit strengths include:Debt service coverage (DSC) and liquidity we expect to remain strong; andNo additional long-term borrowing plans. Offsetting credit concerns, in our opinion, include:Increasing debt service requirements that could pressure DSC should revenue growth wane; andThe system's large, ongoing capital needs. Bond proceeds will refund debt outstanding.

MDX was created in 1994 to operate and expand the existing system as well as build other regional transportation projects on an expressway system within Dade County. The 33-mile system includes five expressways running primarily east-west through the metropolitan Miami area. MDX is overwhelmingly an urban commuter system, with approximately 98% of revenue derived from two-axle vehicles.

The stable outlook reflects our expectation that DSC (S&P Global Ratings-calculated) and liquidity will remain strong in the next two years.

We could raise the rating in the next two years if DSC exceeds projected levels and we believe it is sustainable.

Although unlikely, we could lower the rating in the next two years if DSC and liquidity significantly erode.