A Managed Lanes Data Gold Mine

For anyone interested in details about managed lanes financed by revenue bonds, the annual review of this topic by Fitch Ratings is a uniquely valuable resource. I’ve been relying on it for years, and I’m especially impressed by its 2026 edition, released on March 30th and titled, “U.S. Managed Lanes Poised for Growth.”

In addition to providing the usual comprehensive data tables on the 13 bond-financed MLs that Fitch rates, the report explains ongoing trends in this sub-sector of surface transportation infrastructure.

One new development at Fitch Ratings is that the staff producing this report now consists of two teams: the Municipal Infrastructure team analyzes and rates government-owned and operated MLs, while the Infra/PF team analyzes and rates MLs developed and operated as long-term public-private partnerships (P3s). In addition to providing more-focused analysis, this change enables comparisons between these two ML models.

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