KBRA Assigns a Preliminary Rating for the San Bernardino County Transportation Authority’s Toll Revenue Second Lien Obligation, 2021 TIFIA Series

Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of BBB- for the San Bernardino County Transportation Authority’s (SBCTA) Toll Revenue Second Lien Obligation, 2021 TIFIA Series. The loan constitutes federal project credit assistance under the Transportation Infrastructure Finance and Innovation Act for the I-10 Corridor Contract 1 Project (the Project). The Outlook is Stable.

The Project consists of the design-build, operations, and maintenance of improvements to approximately 10 miles of the I-10 corridor, in particular the construction of one to two tolled express lanes in each direction from the Los Angeles County line eastward to the I-15/I-10 interchange. The Project traverses the cities of Montclair, Upland, and Ontario. The Project is expected to reduce congestion for motorists using I-10, a critical link to and from Los Angeles County, San Bernardino County, and Orange County.

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KBRA analyzed the transaction using the Global Project Finance Methodology published on January 19, 2021. KBRA will review the final operative agreements and legal opinions for the transaction prior to closing.

The preliminary rating is based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of a final rating that differs from the preliminary rating.

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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