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Moody’s: Florida transportation authorities should bounce back quickly from Irma

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Florida’s transportation infrastructure should be able to bounce back quickly from Hurricane Irma according to a memo put out Tuesday by financial research group Moody’s.

The credit rating group said even though many are still closed, the state’s airports, seaports and toll roads will “generally be able to sustain their long-term credit quality because of three important factors: strong liquidity, resilient revenue streams, and experience with previous storms that has improved readiness.”

Moody’s cited large cash reserves held by tolling authorities, airports and seaports in the memo, which it says will help them wade through a short-term drop in revenue over the coming weeks.

Of the 20 transportation groups to issue bonds, state toll roads will fare the best in their recovery, with Moody’s pointing to cash reserves among the five state-owned toll roads totaling 2,200 days of operating expenses.

The Miami-Dade County Expressway Authority is in even better shape, with nearly 4,000 days’ worth of cash on hand, while the Canaveral Port Authority has the lowest reserves, clocking in at still respectable 185 days.

The financial rating group also lauded Florida’s emergency management network, which it said is well positioned to help get the Sunshine State’s transportation infrastructure up and running again post haste.

Drew Wilson covers legislative campaigns and fundraising for SaintPetersBlog and While at the University of Florida, Wilson was an editor at The Independent Florida Alligator and after graduation, he moved to Los Angeles to cover business deals for The Hollywood Reporter. Before joining Extensive Enterprises, Wilson covered the state economy and Legislature for LobbyTools.

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