Moody’s Ratings Announced Tampa Hillsborough Expressway Authority Upgrade to A1
TAMPA, FL (September 2, 2026) —Moody’s Ratings (Moody’s) announced that it has upgraded the Tampa Hillsborough Expressway Authority (THEA) credit rating from A2 to A1, citing strong financial performance and transparency into its capital program.
Moody’s cited THEA’s robust financial profile, proven capital plan execution, and strong asset condition as key drivers of the upgrade. Consistent revenue performance and growth, driven by steady demand for the essential service THEA provides through its operation of the Lee Roy Selmon Expressway system, was also noted. THEA has demonstrated its ability to advance its $767.7 million six-year work program largely through operating cash flow and reserves, reflecting THEA’s disciplined financial stewardship. Moody’s also recognized THEA’s low levels of deferred maintenance and strong track record of delivering projects on time and within budget.
“This upgrade reflects the high standard we set for ourselves as an agency. We are committed to deliberate planning, fiscal discipline, and a long-term vision of where our region is headed,” said Greg Slater, THEA Executive Director & CEO. “THEA is proving that responsible stewardship and bold investment can move forward together. That is what earns the public’s trust.”
The agency’s largest capital project, the South Selmon Capacity Project, is under construction at a price within prior expectations. That milestone gives Moody’s greater visibility into THEA’s future debt and was cited as a factor supporting the upgrade.
“An A1 rating places THEA among a select group of the most fiscally sound transportation agencies in the country,” said Board Chair Vincent J. Cassidy. “On behalf of the Board, I want to thank our staff and leadership for the discipline that made this possible. This upgrade doesn’t happen overnight. Our folks have worked long and hard to improve our financial position; every improvement is another layer of protection for our bondholders and for the communities we serve.”
THEA’s current $767.7 million six-year work plan dedicates $635 million to infrastructure construction, including the South Selmon Capacity Project, downtown connectivity improvements, community enhancements such as the Meridian Health Trail, and system-wide safety and technology upgrades. The plan reflects a formula that has begun to define THEA’s organizational approach with strong project delivery, a lean operating budget, and reinvesting the maximum toll revenue back into the system to best meet the community’s needs. By strategically limiting dependence on new debt, the work plan reinforces THEA’s long-term fiscal strength and reflects its continued commitment to financial stewardship and organizational efficiency.
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About THEA
Tampa Hillsborough Expressway Authority (THEA) is an award-winning and dynamic transportation agency committed to enriching lives by connecting communities. THEA owns, manages, and operates the Selmon Expressway system, which includes Meridian Avenue, Brandon Parkway, and the Selmon Greenway. As part of its mission, THEA continues to reinvest revenue generated by its assets back into the community through innovative infrastructure projects, safety enhancements, and economic development initiatives. THEA processes 78 million toll transactions and serves almost 4 million customers annually. For more information, visit www.tampa-way.com.
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