The ratings on U.S. not-for-profit toll road operators are expected to remain stable, given the almost-complete rebound in demand, supported by steady commercial vehicle traffic and toll-rate increases, S&P Global Ratings said today in "U.S. Transportation Infrastructure Toll Sector Report Card: Resilient Demand And Higher Tolls Underpin Credit Strength."

We expect revenue growth will be accompanied by increased operations and maintenance expenses, as well as capital spending for capacity expansions and continued conversions to all-electronic toll collection against a backdrop of higher financing costs.

"We believe U.S. toll operators will maintain strong coverage, healthy financial margins, increasing liquidity, and overall credit quality despite potential headwinds," said S&P Global Ratings credit analyst Ken Biddison.

This report does not constitute a rating action.

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