Infrastructure and Project Finance
Moody's Ratings
Financial Operations and Position Moody's debt service coverage ratio (DSCR) remained strong in fiscal 2024. The DSCR increased to 3.42x from 3.03x in fiscal 2023 given the traffic and revenue increase of 1.5% and 0.7% respectively coupled with slightly lower debt service. Moving forward, we expect the authority's DSCR to decline due to the expected increase in leverage over the next few years as part of the authority's capital expenditure program. In the fiscal year-to-date performance through March 2025, traffic and toll revenue have declined by 2.7% and 3.3%. We expect the negative impact from the Francis Scott Key Bridge's collapse to remain limited. Toll revenue from the 1.6-mile Key Bridge, one of eight toll facilities owned and operated by MDTA, accounted for only about 7% of its total toll revenue, minimizing the adverse effects from lost collections. As a significant share of traffic is diverted to the other MDTA facilities in the area, Fort McHenry Tunnel and Baltimore Harbor Tunnel, toll collections from the tunnels stand to offset part of the lost toll revenue. The tunnels, however, have more limitations regarding commercial vehicles that can travel through them (ie trucks carrying hazardous materials and oversized trucks).
Exhibit 3 MDTA's facilities in Baltimore harbor crossings Traffic and revenue performance
2020
2021
2022
2023
2024
FRANCIS SCOTT KEY BRIDGE
Transactions ('000)
passenger
10,966
10,115
10,581
11,124
7,959
commercial
1,148
1,256
1,224
1,306
1,150
Total
12,114
11,372
11,805
12,430
9,109
Toll Revenues ($'000)
Passenger
27,552
30,266
31,370
31,842
22,966
Commercial
20,234
22,367
21,657
24,262
21,826
47,787
52,633
53,026
56,104
44,792
Total
Total as a % of MDTA total toll revenues
8.2%
8.1%
7.5%
7.4%
5.9%
FORT MCHENRY TUNNEL
Transactions ('000)
passenger
38,545
35,018
37,064
38,375
40,379
commercial
4,093
4,608
4,495
4,591
4,751
Total
42,638
39,626
41,559
42,966
45,130
Toll Revenues ($'000)
Passenger
115,633
116,438
123,893
126,439
135,112
Commercial
77,974
93,803
88,643
93,190
96,436
193,607
210,241
212,537
219,629
231,548
Total
Total as a % of MDTA total toll revenues
33.1%
32.5%
30.2%
29.1%
30.4%
BALTIMORE HARBOR TUNNEL
Transactions ('000)
passenger
13,818
16,455
24,242
27,822
28,132
commercial
461
617
741
938
981
Total
14,279
17,072
24,982
28,760
29,114
Toll Revenues ($'000)
Passenger
41,369
56,072
81,587
93,525
94,786
Commercial
6,005
9,143
9,683
13,734
12,858
47,374
65,214
91,269
107,259
107,644
Total
Total as a % of MDTA total toll revenues
8.1%
10.1%
13.0%
14.2%
14.1%
Source: Maryland Transportation Authority
LIQUIDITY Liquidity decreased to 743 days cash on hand (DCOH) in fiscal 2024 from 876 DCOH in fiscal 2023. Going forward cash is expected to continue to decline as the authority funds a large portion of its capital program with internally generated funds. Increasing operating
5
22 May 2025
Maryland Trans. Auth. - Trans. Facilities: Update to credit analysis
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