Global Credit Research - 26 Oct Sale Amount $30,000,000. Sale Amount $283,410,973
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1 New Issue: Moody's assigns Baa2 to senior lien series 2015A&B bonds and Baa3 to TIFIA bonds and subordinate lien loans of the Central Texas Regional Mobility Authority (CTRMA); The rating outlook is stable Global Credit Research - 26 Oct 2015 Authority has $782.9 million rated debt outstanding before these issues CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY, TX Toll Facilities TX Moody's Rating ISSUE RATING Senior Lien Revenue and Refunding Put Bonds, Series 2015B Baa2 Sale Amount $75,695,000 Senior Lien revenue Bonds Series 2015A Sale Amount $306,975,000 Subordinate Lien 2015 SIB Loan Sale Amount $30,000,000 Subordinate Lien 2015 TELA Loan Sale Amount $30,000,000 Subordinate Lien 2015 TIFIA Loan Sale Amount $283,410,973 Baa2 Baa3 Baa3 Baa3 Moody's Outlook STA NEW YORK, October 26, Moody's Investors Service assigns Baa2 to the $307 million senior lien series 2015A and $75.7 million series 2015B bonds and Baa3 to the $283.4 million TIFIA and $30 million subordinate lien State Infrastructure Bank (SIB) and $30 million Toll Equity Loan Agreement (TELA) loans of the Central Texas Regional Mobility Authority (CTRMA). We also affirm the Baa2 on outstanding senior and the Baa3 on outstanding subordinate bonds. The rating outlook is stable.
2 SUMMARY RATING RATIONALE The ratings for the senior and subordinate lien bonds are based on the CTRMA's demonstrated ability to deliver and manage new toll road projects in a diverse, highly rated and growing service area (Austin, Aaa; Travis County, Aaa; Williamson County, Aa1); strong traffic and revenue growth at or above recent forecasts; satisfactory forecasted debt service coverage ratios (DSCRs) for both senior and subordinate liens; reasonable traffic and revenue growth assumptions and ability to withstand substantial stresses; satisfactory legal covenants and an adopted toll plan of annual CPI-U indexed-based toll rate increases through These factors help mitigate construction and ramp-up risks associated with the more than doubling of debt for the new 183 South Bergstrom Expressway Project (183S). We note that the additional debt service to finance this project escalates steeply from 2020 to 2030, but we expect traffic and revenue growth from the new toll road and the existing 183A and 290 components to grow ahead of escalating debt service requirements. Strong legal covenants, including a 1.20 rate covenant and debt service reserve funds (DSRFs) equivalent to maximum annual debt service for all liens provide additional bondholder protection. Despite some differences in DSRF funding provisions for the TIFIA, SIB and TELA loans and a possible release of the TIFIA DSRF under certain restricted conditions, it is not enough to warrant a rating distinction at the Baa3 level. Strong unrestricted liquidity and Texas Department of Transportation (TxDOT) grant funds dedicated to the 183S project provide additional liquidity and credit strength. OUTLOOK The rating outlook is stable based on our expectation that traffic and revenue will perform as forecasted for the Bergstrom project and other system components and that project costs will be as budgeted, with no additional debt in the intermediate term. WHAT COULD MAKE THE RATING GO UP -Traffic and revenue that exceeds the base case forecast beyond the ramp-up period, and provides higher than forecasted DSCRs -Completion of the 183S project ahead of schedule and below budget WHAT COULD MAKE THE RATING GO DOWN -Delays or cost overruns in the construction of the Bergstrom project that would require additional debt -A downturn in the service area economy that would depress projected traffic and revenue growth significantly below forecasts and reduce DSCR below 1.5 times for senior bonds and below 1.2 times for subordinate bonds -The addition of debt-financed projects that add leverage before the completion of 183S ramp-up, and are not fully supported by new revenues, particularly given the authority's very high ratio of debt to operating revenue STRENGTHS -The Austin economy continues to benefit from ongoing diversification and a growing tech sector. Economic activity has driven employment growth, housing construction and increasing tax revenues. Austin is one of the fastest growing metropolitan areas in the US -Both 183A and 290E segments were completed within budget -Both 183A and 290E provide significant travel time savings due to heavily congested non-toll frontage road alternatives-all with traffic signals; the 183S project also will provide congestion relief and travel time savings in one of the most heavily congested corridor in Texas, as well as a connection to the Austin airport - Satisfactory legal covenants include cash funded DSRFs for both senior and subordinate lien bonds, though the TIFIA DSRF funds may be released if certain coverage tests are met - CTRMA has independent rate-setting autonomy and rates are currently programmed to increase annually based on CPI -Strong current cash position with board target of maintaining at least one year of operational expenses in unrestricted balances
3 -Annual independent engineer's inspection of assets provides basis for annual capital budget CHALLENGES -Debt financing for the 183S more than doubles outstanding debt, with commensurate increases in traffic and toll revenues expected to support the debt -Debt escalates steeply from 2020 to 2030 and is back-loaded -Construction and cost risks could delay revenue operation, though these risks are substantially mitigated by full environmental clearance; a fixed price design-build construction contract; acquisition of substantially all right-ofway; project contingencies and capitalized interest reserves -Limited, though expanding history of tolling in the Central Texas area. Traffic capture and ramp-up is somewhat dependent on ramp-up on other toll roads in the area -Authority has been identified as lead agency to develop new projects in the service area and these projects could be designated as part of the CTRMA system (System designation can be done by official act of board of directors) RECENT DEVELOPMENTS Through mid-october, 2015, year-to-date 183A traffic was up 13.6% and 290E traffic rose 67.8% due to on-going ramp-up since the full opening in May The authority's FY 2015 operating revenues grew 25% from FY 2014 on strong 36% traffic transaction growth. The traffic growth, which is better than forecasted, is attributable to the continued ramp up of Phase II of 183A; the early opening of the 290E in May 2014 versus the August 2014 scheduled opening, as well as continued strong population and employment growth in the Austin-Round Rock MSA, which includes affluent and rapidly developing Williamson and Travis counties directly served by the 183A. DETAILED RATING RATIONALE REVENUE GENERATING BASE According to Moody's Economy.com the toll road service area in the Austin-Round Rock MSA is expanding at an above-average rate. The economy is largely unaffected by the downturn in energy prices and exploration hitting other parts of Texas. Private services are leading the way, but local government is growing at a solid pace as well, in contrast with most other parts of the country. The unemployment rate has declined steadily to a cyclical low of 3.3%, far below the US average, and the labor force is rising steadily. House prices continue to advance at a nearly double-digit pace, and homebuilding is back to its pre-boom rate. Austin continues to perform above the national average, with IT, hospitality, housing, and healthcare as the main drivers of growth. Population growth was 3% in 2014, four times the national average. Many of Austin's largest private employers' and taxpayers' operations remain strong or are expanding, including Dell Computer Corp., Seton Healthcare Network, HEB Grocery, St. David's Healthcare Partnership, and IBM Corp. Technology-related employment increased by 33% over the last five years, three times the rate of the US. Apple plans to hire 3,600 people at its new Americas Operations Center, in addition to other companies relocating to Austin, including HID Global and Websense. Hospitality employment has increased by 6% over the last year, caused by both an increase in business travel associated with the IT industry, and expansion of entertainment venues such as the Austin City Limits Music Festival. Healthcare employment also increased 6% over the past year, and is predicted to grow further as the new Dell Medical School enrolls its first class of students. The strength in the local economy and job market continues to attract a well-educated workforce to the area, 40% of whom have a bachelor's degree. The city's population of 842,000 reflects a significant 23% increase in the last decade. Per capita income for Austin in 2014 grew 5.5% to $45,895, compared to 4.5% growth in per capita income for the state, and 3.6% for the nation. Austin Round Rock will expand at an above average pace over the coming year. The drivers will be IT, healthcare, and other private services, including hospitality. In-migration of well paid professionals will drive steady gains in the housing market. Longer term, a very well-educated labor force, high concentration of technology businesses, and fast rate of population growth is expected to yield above-average performance. FINANCIAL OPERATIONS AND POSITION
4 Toll revenues increased 36% in FY 2015 and 23.2% in 2014 due to the full opening of 290E in Total transactions grew of 36.4% in FY 2015 and 23.8% in FY 2015 senior bond ordinance DSCR was 2.36 times senior and total DSCR was 1.58 times, and on a Moody's net revenue basis 2.11 times and 1.41 times. FY 2014 senior DSCR was 3.03 times senior and total DSCR was 2.26 times, and on a Moody's calculated basis 2.28 times and 1.38 times. The financial model base case forecast for the 183S project provides minimum DSCRs of 2.3 times for senior and 1.67 times for all debt, including the subordinate lien TIFIA, SIB and TELA loans. Under Moody's stress scenario that excludes any revenue from the 183S project, minimum DSCRs fall to 1.37 times for senior and 0.99 times for all debt. Our stress scenarios also indicate that the system as a whole is able to withstand an average revenue cut of about 48% and still pay one times all debt service. Liquidity Liquidity remains very strong relative to O&M at 1,771 days in FY 2015, plus cash funded DSRFs and construction funds and is projected to remain at least 1 years' O&M per board policy. DEBT AND OTHER LIABILITIES The CTRMA has high leverage which is more than doubling with the current issues. Debt Structure The authority's debt profile is steeply escalating, particularly from 2020 to Debt-Related Derivatives None, but authority Series 2013B are soft-put bonds with three year maturity schedule and a mandatory tender date of 1/4/2016 that will be refinanced with the Series 2015B also 'soft put' bonds. Pensions and OPEB The financial impact of unfunded pension and OPEB obligations of this issuer are not currently a major factor in our assessment of the toll road's credit profile. MANAGEMENT AND GOVERNANCE CTRMA was the first regional mobility authority formed in Texas in 2002 to improve transportation networks in Travis and Williamson Counties. CTRMA is identified by CAMPO as the lead agency for transportation planning and financing agency in the Austin Metro Area and has first right of first refusal on all toll transportation projects. CTRMA is overseen by a seven-member Board of Directors. The chairman is appointed by the Governor. The County Commissioners of Travis and Williamson counties each appoint three board members. KEY STATISTICS -Type of toll road: Small multi-asset 17.8 mile start-up toll road, primarily passenger cars[1] -FY 2015 Debt to Operating Revenue: 14.83x -FY 2015 Senior/total Bond ordinance DSCR: 2.36x/1.58x -FY 2015 Senior/total net revenue DSCR: 2.11x/1.41x -FY 2015 Days Cash on Hand: 1,771 [1] Including 6.2 mile Manor Expressway. OBLIGOR PROFILE The Central Texas Regional Mobility Authority (CTRMA) is an independent government agency created in 2002 to improve the transportation system in Williamson and Travis counties. The authority built and operates the US 183A Project Phases I and II. 183A is a 11.6 mile limited access toll road roughly parallel to existing US 183 northwest of the City of Austin, Williamson, and Travis counties, connecting at
5 its southern end to the western end of SH 45 that opened in CTRMA projects are part of an integrated system of new toll roads in the greater Austin area. The authority also operates Phase I and Interim Milestone Phase II of the Manor Expressway in Austin and Travis County which was built with TX DOT funds and began tolling in January 2013 was fully opened in The Manor Expressway is a 6.2 mile project with tolled mainlines and non-tolled frontage roads. LEGAL SECURITY The senior lien bonds are secured by a first lien on net revenues of toll road system, consisting primarily of toll road revenues from the 183A and the Manor Expressway. The subordinate lien bonds are payable on a third lien basis following the payment of senior lien and junior lien debt service; however, there is no junior lien debt currently outstanding and none is expected. Both senior and subordinate lien bonds have cash-funded debt service reserve funds (DSRFs). USE OF PROCEEDS The CTRMA is issuing approximately $711 million bonds and loans to finance the 183S toll road project that will become part of the system. Proceeds of the senior bonds will repay an outstanding non parity $75 million Regions Bank Draw Down Note and also refinance $32.7 million Series 2013 Put Bonds into a similar structure and fund project reserves. Proceeds of a $283.4 million TIFIA loan and $30 million SIB and TELA loan will also provide funding for the 183S. The TIFIA DSRF is to be funded in 36 installments from cash flow starting. Proceeds also fund capitalized interest through October 1, METHODOLOGY SCORECARD FACTORS: We note that the ratings are lower than the Moody's methodology scorecard outcome because of the expected near doubling of debt with the 183S project and risks associated with traffic and revenue ramp-up for the authority's newly opened and planned toll roads. Factor 1 - Asset Type: Ba Factor 1 - Operating History: Ba Factor 1 - Competition: A Factor 1 - Service Area Characteristics: Aa Factor 2 - Annual Traffic: A (62.1 million) Factor 2 - Traffic Profile: Aa (95% passenger cars) Factor 2 - Five-Year Traffic CAGR: Aaa (14.2%) Factor 2 - Ability and Willingness to Increase Toll Rates: Aa Factor 3 - Net Revenue DSCR: Baa (1.41x) Factor 3 - Debt/Operating Revenue: Caa (14.83) Factor 4 - Capital Needs: Baa Factor 4 - Limitations to Growth: Baa Notching Factors: Days Cash on Hand +1.0 Other Financial, Debt and Operational Factors: -1.0 Scorecard Outcome: Baa1 Note: The grid is a reference tool that can be used to approximate credit profiles in the toll road industry in most cases. However, the grid is a summary that does not include every rating consideration. Please see our Government Owned Toll Roads Methodology for information about the limitations inherent to grids.
6 ISSUER CONTACTS: Mike Heiligenstein, Executive Director, Bill Chapman, Chief Financial Officer PRINCIPAL METHODOLOGY The principal methodology used in this rating was Government Owned Toll Roads published in October Please see the Credit Policy page on for a copy of this methodology. REGULATORY DISCLOSURES For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Please see for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. Please see the ratings tab on the issuer/entity page on for additional regulatory disclosures for each credit rating. Analysts Maria Matesanz Lead Analyst Public Finance Group Moody's Investors Service Kurt Krummenacker Backup Analyst Public Finance Group Moody's Investors Service Chee Mee Hu MANAGING_DIRECTOR Public Finance Group Moody's Investors Service Contacts Journalists: (212) Research Clients: (212) Moody's Investors Service, Inc. 250 Greenwich Street New York, NY USA
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