At the end of November, Fitch Ratings revised its rating outlook for the private activity bonds for the Empire State Thruway Partners (ESTP) from stable to negative. The change was driven by construction delays that the P3 has faced in completing the redevelopment of several of the service stations in the project scope. The overall project is currently delayed 225 days in reaching substantial completion, with some sites delayed by as much as 348 days.
