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Moody’s Ratings Upgrades Tampa Hillsborough Expressway Authority’s Outlook to Positive

TAMPA, FL (September 10, 2025) — Moody’s Ratings (Moody’s) has raised the Tampa Hillsborough Expressway Authority’s (THEA) outlook to positive from stable and affirmed the A2 rating of THEA’s approximately $598 million in outstanding Revenue Bonds and Refunding Revenue Bonds.

Moody’s cited better-than-expected forecasted leverage and strong financial metrics, supported by prudent execution of THEA’s capital plan, as primary factors driving the outlook revision. The rating agency also noted THEA’s track record of benchmarking and completing large projects, along with its well-maintained assets and low deferred maintenance levels, as factors in the agency’s upgrade. 

Executive Director and CEO Greg Slater said the recognition belongs to the entire organization. “The Moody’s upgrade is a testament to our agency’s disciplined financial stewardship and long-term planning. It reflects our unwavering commitment to fiscal responsibility, transparency, and strategic investment in our community’s future,” Slater said. “I am thankful for our team at THEA and the trust and support of our Board,” Slater said. 

Board Chair Vincent Cassidy shared his sentiments: “On behalf of our Board, we are pleased with the rating improvement and Moody’s recognition of our financial strength and risk mitigation. This upgrade results from a lot of hard work by all our staff and leadership. We strive daily to make our road safe and strengthen our financial position to protect our bondholders.” 

THEA’s current $752 million six-year work plan dedicates $692 million to infrastructure construction. It includes the South Selmon Capacity Project, downtown connectivity improvements, community enhancements such as the Meridian Health Trail, and system-wide safety and technology upgrades, including intelligent traffic systems (ITS) and wrong-way driving detection. The plan also strategically limits dependence on new debt, reinforcing THEA’s long-term fiscal strength.

ABOUT THEA:

Tampa Hillsborough Expressway Authority (THEA) is an award-winning and dynamic transportation agency committed to enriching lives by connecting communities. THEA owns, manages, and operates the Selmon Expressway system, which includes Meridian Avenue, Brandon Parkway, and the Selmon Greenway. As part of its mission, THEA continues to reinvest revenue generated by its assets back into the community through innovative infrastructure projects, safety enhancements, and economic development initiatives. THEA processes 78 million toll transactions and serves almost 4 million customers annually. For more information, visit www.tampa-way.com.

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