San Bernardino County Transportation Authority I-10 Express Lanes: Rating Report

DBRS Limited (DBRS Morningstar) discontinued and withdrew its rating on the $225.0 million TIFIA Loan (the 2019 TIFIA Loan) issued by San Bernardino County Transportation Authority (SBCTA) under the Transportation Infrastructure Finance and Innovation Act (TIFIA) program to partially fund an expansion of approximately 10 miles of the Interstate 10 (I-10) highway in San Bernardino, California (the Project or Contract 1). The discontinuation of the rating is due to the cancellation of the 2019 TIFIA Loan. DBRS Morningstar also assigned a rating of BBB (low), Stable, to the new $225.0 million 2021 TIFIA Loan issued by SBCTA. The 2021 TIFIA Loan has the same size and materially the same terms as of the now discontinued 2019 TIFIA Loan, apart from a lower interest rate.