RCTC has received a credit rating upgrade for bonds tied to the 91 Express Lanes, a reflection of the Commission’s disciplined financial management of the SR-91 toll revenue program, strong operational performance, and reliable express lane operations. Fitch upgraded RCTC’s $613 million senior lien SR-91 toll revenue bonds from A to A+ and its $75.7 million subordinate lien SR-91 toll revenue bonds from A- to A. Fitch also assigned a Stable Outlook to both ratings.

The upgrades strengthen RCTC’s position in the credit markets and recognize the continued financial resilience of the 91 Express Lanes, including effective toll operations, revenue performance, and ongoing investment in technology to support reliable service. The rating upgrades may also help reduce future borrowing costs, strengthening the Commission’s ability to deliver transportation improvements while providing long-term value to Riverside County taxpayers.

RCTC financed and built the eight-mile Riverside County extension of the 91 Express Lanes. Jointly operated by RCTC and the Orange County Transportation Authority as part of the larger 91 Express Lanes network, the extension has provided motorists with a reliable travel option since the lanes first opened in 2017.

Revenue from the 91 Express Lanes funds operations and maintenance and repays bonds issued to build the infrastructure. Toll revenue also supports future transportation improvements within the 91 corridor, including non-toll projects. Recent corridor improvements include the 91 Corridor Operations Project and 15/91 Express Lanes Connector, which have enhanced travel in both the Express Lanes and general-purpose lanes.

The future 91 Eastbound Corridor Operations Project is expected to include toll revenue funding, subject to applicable approvals and funding requirements.

If you have recently traveled on the 91 and 15 Express Lanes, you may have noticed improvements to the roadway thanks to RCTC’s recently completed slab pavement replacement project. As part of the toll program’s ongoing maintenance efforts, several deteriorating slabs on the 91 and 15 Express Lanes were replaced to maintain safe and smooth roads.

Throughout November and December, a total of 61 slabs were replaced. These slabs displayed some cracking requiring replacement to prevent rapid deterioration and reduce roadway hazards. Construction crews cut out these existing slabs in segments, performing this work at night to ensure the safety of the crews and to reduce travel time disruptions. After the replacement slabs were in place, crews performed grinding and striping to ensure a smooth roadway.

These slab replacements provide a noticeably enhanced driving experience thanks to smoother pavement and profile grinding. This work also helps extend the life of the pavement, reducing the frequency of future repairs and lowering long-term maintenance costs.

Thanks to these improvements, motorists driving on the 91 and 15 Express Lanes can also expect more consistent and reliable travel times.

Fitch Ratings, a prominent New York-based credit ratings agency, has upgraded the debt outlook for the Riverside County Transportation Commission (RCTC) from Stable to Positive. This upgrade demonstrates RCTC’s impressive financial performance and highlights the potential for a higher debt rating in the near future.

This upgrade is a response to the robust traffic and revenue levels on the 91 Express Lanes, indicating a strong demand for this vital transportation corridor. During the November announcement, Fitch also reaffirmed its existing ratings for RCTC’s 91 toll revenue bonds.

This upgrade signals confidence in RCTC’s fiscal health and management, suggesting that continued effective operational strategies could lead to further improvements in RCTC’s credit rating. A positive outlook benefits our community and fosters ongoing investments in infrastructure that enhance mobility and connectivity for Riverside County residents.

RCTC takes pride in being a responsible steward of public funds, fulfilling this financial duty with the utmost diligence. We are thrilled to announce that our commitment to excellence in financial reporting has once again been recognized by the Government Finance Officers Association of the United States and Canada (GFOA). RCTC was awarded the GFOA’s prestigious Certificate of Achievement for Excellence in Financial Reporting for the Fiscal Year 2024 Annual Comprehensive Financial Report.

This award recognizes the tremendous dedication and hard work invested by RCTC’s finance department, reflecting their unwavering commitment to transparency and precision in all aspects of financial management. RCTC upholds strict financial controls to ensure accountability and uphold public trust. We are committed to the responsible stewardship of public funds.

The Certificate of Achievement is the highest honor in government accounting and financial reporting. RCTC is honored to be the recipient of this prestigious award.

On December 3rd, Fitch Ratings upgraded its ratings of RCTC’s 91 Express Lanes debt, signaling strong financial performance and prudent management of the toll lanes in Riverside County. The 91 Express Lanes not only met but exceeded baseline performance metrics, leading Fitch to upgrade the loan rating from ‘BBB ‘to ‘A.’ In addition to upgrading the bond rating, Fitch reaffirmed the Rating Outlook on the debt as “Stable,” reflecting strong demand for the 91 Express Lanes by customers who depend on reliable travel methods.

The 91 Express Lanes opened in Riverside County in 2017 and was financed partially through a $421 million federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan, which provided funding for much needed transportation infrastructure improvements. The TIFIA loan was refinanced in 2021, saving taxpayers funds with a decreased interest payment.

In November 2023, RCTC opened the 15/91 Express Lanes Connector and is making strides on the 15 Express Lanes Project Southern Extension with the release of the Draft Environmental Document. Through the toll lanes system, RCTC is building a multimodal transportation system that will help drivers and transit buses with reliable travel options.

Fitch ratings is an American credit rating agency that is one of three nationally recognized statistical rating organizations designated by the U.S. Securities and Exchange Commission.

The Riverside County Transportation Commission adopted a $1.3 billion annual budget to fund critical transportation projects and services this month. With the approval of the budget, the Commission set its funding priorities for transportation investments that will help communities across Riverside County.

The priorities include providing direct funding to cities and the County for local road improvement projects. Funding for regionally significant programs and projects such as highway improvements, transit and passenger rail operations, and major corridor improvements are also highlighted in the budget.

RCTC’s budget is project-driven and also encompasses all transportation services and programs administered by RCTC. Significant project and program investments include:

• 71/91 Interchange Project 
• I-15 Smart Freeway Pilot Project 
• Mid-County Parkway Projects, including Ramona Expressway 
• I-15 Express Lanes Southern Extension 
• Metrolink Moreno Valley-Perris Double Tracking 
• Bus Operations and Specialized Transit Programs 
• Streets and Roads Improvements 

The Commission also approved the FY 2024/25 Short Range Transit Plans (SRTP) which are three to five year plans for Riverside County’s operators including the Riverside Transit Agency, Sunline Transit, Palo Varde Valley Transit Agency, Banning Connect, Beaumont Transit, Corona Cruiser, Riverside Connect, and RCTC’s Rail and Vanpool programs.

RCTC, as the transportation planning agency, is responsible by statute to review and approve SRTPs with the intention of identifying transit services and capital improvements, help guide operators’ activities, and to provide justification for operating and capital assistance.

The Commission’s fiscal year annual budget demonstrates RCTC’s financial prudence and strategic planning. The budget identifies funding from local, state, and federal funding sources. Through Measure A, the voter-approved ½ cent sales tax measure, RCTC is able to leverage local funds, while also tapping into federal and state funding, ensuring the stability and success of projects, programs, and services in our communities. To ensure transparency, independent audits of expenditures are made available at rctc.org/finance.  

Check out the projects RCTC is working toward at rctc.org/projects.

Credit rating agencies KBRA and Fitch Ratings recently reaffirmed a series of debt ratings assigned to bonds issued by RCTC for both Sales Tax and Toll Enterprise operations. The announcements demonstrate continued strong financial performance and emphasize the trust RCTC has earned through excellent financial stewardship.

Fitch affirmed the ‘AA+’ rating of RCTC’s local sales tax revenue bonds one year after upgrading the rating from ‘AA’. Fitch credited revenue performance and strong growth prospects as key drivers of the rating.

KBRA also published its affirmation of the ‘BBB’ rating given to RCTC’s toll revenue bonds that helped fund the I-15 Express Lanes. Daily transactions, toll revenues, and operating expenses significantly outperformed KBRA’s original projections for the managed lanes.

Positive debt ratings save taxpayers money by lowering future borrowing costs for planned transportation projects. KBRA and Fitch Ratings are organizations which provide assessments about the creditworthiness of government agencies, corporations, and other entities.

The Point: Upgrade to Commission’s debt rating a result of I-15 Express Lanes exceeding performance metrics  

Fitch Ratings, the New York-based provider of credit ratings that provides assessments about the creditworthiness of government agencies, corporations, and other entities, recently announced an upgrade to RCTC’s debt rating associated with the funding of the I-15 Express Lanes. RCTC financed a portion of the project through a $152.2 million federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan. The I-15 Express Lanes opened April 2021 and exceeded baseline performance metrics, prompting Fitch to upgrade the loan rating from ‘BBB-‘ to ‘BBB+’.

“The improved debt rating signals the trust and confidence earned through RCTC’s financial stewardship, and represents a long-standing commitment to transparency, disclosure, and excellence in financial reporting,” said RCTC Chair and City of Beaumont Councilmember Lloyd White.

Fitch announced the rating upgrade for the TIFIA loan at the end of December, while also affirming its rating (BBB+) and upgrading the debt outlook to positive for RCTC’s 91 toll revenue bonds – reflecting the strong traffic and revenue levels on the 91 Express Lanes.

In October, RCTC was also recognized with a Certificate of Achievement for Excellence in Financial Reporting – the 30th consecutive year the agency has been awarded with such an honor – capping off another strong year of financial performance and related reporting. The award is issued by the Government Finance Officers Association annually to state and local governments who exceed minimum financial reporting requirements.

The Coachella Valley Rail Project (CV Rail) continues moving forward. Over the past year, the CV Rail project has made progress in getting funding for the next phase and coordinating closely with city and agency partners. Recently, the Federal Railroad Administration (FRA) made a big announcement to help keep project momentum going. The FRA added the CV Rail Project to the federal Identification and Development Program (Corridor ID) and awarded the project $500,000.

Why is this important? By being included in the Corridor ID program, the CV Rail project is now considered vital to developing intercity passenger rail across the Country. That’s a big deal. The designation will allow RCTC, Caltrans, and other project partners to better compete for engineering and construction grants as projects continue to move forward.

“I am pleased to see the Federal Rail Administration recognize the value CV Rail will bring to Riverside County. By including CV Rail in the Corridor ID program, the federal government has signaled that the project is viable and warrants attention,” said RCTC Chair and Lake Elsinore City Council Member Robert “Bob” Magee. “This designation will help CV Rail compete for more federal grants that will help get this service up and running for our residents,” he said.

In addition to being added to the Corridor ID program, the FRA will provide $500,000 to allow our project partners to create a Service Development Plan that will outline the future needs of passenger rail. The first round of route selections is intended to identify existing and potential new routes to create an intercity passenger rail system across the Country.

Daily intercity passenger rail to and from the Coachella Valley has long been a local and statewide priority. The new service will offer mobility choices, reduce traffic congestion, and expand economic opportunities by connecting the growing Riverside County desert communities to various resorts, commercial, retail, and quality jobs.

Learn more about the Coachella Valley Rail project at www.rctc.org/cvr

The Riverside County Transportation Commission (RCTC) is proud to be a steward of public funds and takes its job seriously. The Government Finance Officers Association of the United States and Canada (GFOA) awarded RCTC the Certificate of Achievement for Excellence in Financial Reporting for its Fiscal Year 2022 Annual Comprehensive Financial Report.

RCTC has been recognized with this honor for 30 consecutive years, and this prestigious award is a testament to our finance department’s dedication to transparency and precision in financial management.

GFOA’s recognition highlights the Commission’s commitment to transparency, accuracy, and accountability in financial reporting as we continue to uphold stringent financial control and transparency measures to ensure responsible management of public funds.