MAINTAIN STRONG FINANCIAL STEWARDSHIP
We are committed to our stakeholders and communities who will benefit from strong financial stewardship, as will northern Ohio’s economy. Components of strong financial stewardship include maintaining all current Bond Ratings as well as other factors as seen in the key results below:
COMPOSITE DEBT SERVICE RATIO GREATER THAN OR EQUAL TO 1.7
- The Commission has two types of debt: Senior Lien Debt and Junior Lien Debt. Senior Lien bonds provide funds required to pay and reimburse costs of making certain capital improvements to the Turnpike System. Junior Lien bonds pay costs of Infrastructure Projects in accordance with H.B. 51. This ratio equals Net Revenue available for Debt Service divided by Total Debt Service Requirements.
MAINTAIN ALL CURRENT BOND RATINGS
- In comparison to other toll roads in the country, OTIC is one of the highest-rated toll roads. The top rating agencies use several key rating factors including resiliency of traffic volume, toll prices, ability to set rates, and level of financial flexibility to pay debt service.
| Rating Agency |
Senior Lien
Revenue Bonds |
Junior Lien
Revenue Bonds |
| Fitch Ratings |
AA |
AA- |
| Moody’s Investor Service |
Aa2 |
Aa3 |
| Standard & Poors Ratings |
AA- |
A+ |
INCREASE NON-TOLL REVENUES, EXCLUDING INVESTMENT REVENUES, YEAR-OVER-YEAR BY GREATER THAN OR EQUAL TO 2%
- Change in Non-Toll Revenues Year/Year.
MAINTAIN OPERATING EXPENSES TO REVENUE RATIO OF LESS THAN OR EQUAL TO 34% AT YEAR-END
- This ratio equals total Operating Expenses divided by Total Operating Revenues. Note: Operating expenses do not include any capital expenditures.
SENIOR DEBT SERVICE COVERAGE RATIO OF GREATER THAN OR EQUAL TO 2
- The Commission has issued Senior Lien Debt to provide funds required to pay and reimburse costs of making certain capital improvements to the Turnpike System. This ratio equals Net Revenue available for Debt Service divided by Total Senior Lien Debt Service Requirements.