On December 7, 2020, S&P Global Ratings lowered its rating on Toll Road Investors Partnership II L.P.'s senior secured debt, comprising $332.8 million (outstanding) series 1999 A&B bonds due in February 2003-2035 and $390.6 million (outstanding) series 2005 A-C bonds due in February 2036-2056 to BB+ from BBB-. The Company owns and operates a 14-mile limited-access toll road (Dulles Greenway) under a Certificate of Authority issued by the Virginia State Corporation Commission and a Comprehensive Agreement with the Virginia Department of Transportation. The traffic recovery on Dulles Greenway has been slower than expected; and will likely be drawn out given the recent surge in COVID-19 infections, according to the ratings agency. Dulles Greenway is one of the most-affected toll roads in S&P Global’s portfolio due to COVID-19, with traffic and toll revenues down 43% compared with 23% and 28%, respectively, expected in its April 2020 forecast.

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