The Point: Rating upgrade recognizes RCTC’s responsible management of the 91 Express Lanes
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.