The Transportation Corridor Agencies (TCA), operator of The Toll Roads, announces it continues to strengthen its economic position in the bond market with Moody’s Ratings upgrading both the Foothill/Eastern Transportation Corridor Agency (F/ETCA) and the San Joaquin Hills Transportation Corridor Agency (SJHTCA) bond ratings.
F/ETCA Ratings
F/ETCA senior lien rating was upgraded to A3 from Baa1, and affirmed the junior lien rating at Baa1 with an outlook of stable. As stated in a recent release by Moody’s Ratings, the upgrades reflect the agency’s strengthening financial position and disciplined approach to debt reduction. The F/ETCA operates the 133, 241 and 261 Toll Roads in Orange County, California.
The following are the F/ETCA’s current senior and junior lien bond ratings:
- Moody’s: A3 and Baa1 with outlook stable
- S&P: A and A- with outlook stable
- Fitch: A and A- with outlook stable
SJHTCA Ratings
Moody’s upgraded SJHTCA’s senior lien bonds to Baa1 from Baa2 with the rating outlook of stable. As stated by Moody's Ratings, the upgrade reflects the continued improvement in the leverage profile and the lowering of debt relative to revenues. The rating agency also cited strong cash flow and reserves, along with proactive financial policies as key factors supporting the upgrade. In 2025, the SJHTCA retired $200 million in bond principal through the board-approved early bond paydown program, followed by the recent $47 million early bond paydown in January 2026. The Agency plans an additional $47 million early paydown in 2027. The SJHTCA operates the 73 Toll Road in Orange County, California.
The following are the SJHTCA’s current senior and junior lien bond ratings:
- Moody’s: Baa1 with outlook stable (senior only)
- S&P: A and A- with outlook stable
- Fitch: A- and BBB+ with outlook positive
“Moody’s upgrade affirms the strength and reliability of The Toll Roads and the strong financial stewardship of the Agency,” said Trish Kelley, Chair of F/ETCA and Mission Viejo City Councilmember. “Consistent traffic growth, stable revenues, and prudent financial policies have positioned F/ETCA to maintain flexibility and long-term credit strength while reinforcing the value these roadways provide to drivers and the region.”
“Moody’s recognition of SJHTCA reflects the progress we’ve made to strengthen our financial position and responsibly reduce debt,” said David Penaloza, Chair of SJHTCA and Santa Ana Mayor Pro Tem. “Through disciplined financial management and early bond paydowns, including the most recent paydown of $47 million this month, and the $200 million paydown in fiscal year 2025, the Agency has significantly improved its leverage profile. We remain focused on continuing this momentum through planned paydowns that support long-term financial stability.”
The Toll Roads provide drivers with a convenient alternative to congested freeways, offering faster and more predictable travel times. Tolls are collected to repay the debt incurred to construct the system and fund ongoing operations and improvements.
The Transportation Corridor Agencies (TCA) are two joint powers authorities formed by the California Legislature in 1986 to plan, finance, construct and operate Orange County’s public toll road system comprised of the 73, 133, 241 and 261 Toll Roads, which represents 20% of Orange County’s highway system.
