KBRA Assigns Preliminary Ratings to Public Finance Authority (Georgia SR 400 Express Lanes Project) $3.6 Billion PABs and SR 400 Peach Partners, LLC's $4 Billion TIFIA Loan
15 Jul 2025 | New York
KBRA assigns its BBB+ preliminary rating to the Public Finance Authority's $3.6 billion senior lien toll revenue bonds, series 2025 (Georgia SR 400 Express Lanes Project) (the private activity bonds (PAB)), which support the Georgia SR 400 Express Lanes Project. KBRA also assigns its BBB preliminary rating to SR 400 Peach Partners, LLC’s $4 billion TIFIA loan. The Outlook is Stable.
In August 2024, the consortium formed by Meridiam SR-400, LLC, Acciona Concesiones S.L., and ACS Infrastructure Development Inc. (collectively the sponsors) was selected as the preferred bidder to develop the SR 400 express lanes in Atlanta (the project) through SR 400 Peach Partners, LLC (the borrower), a single-purpose vehicle to be wholly owned by the sponsors. The project is part of GDOT’s major mobility investment program (MMIP). The dynamically-priced express lanes will extend through 16 miles along Georgia state route 400, between the MARTA North Spring Station in Fulton County, and McFarland Parkway in Forsyth County. The project is a key north-south corridor serving the Atlanta-Sandy Springs-Alpharetta metropolitan area, connecting the city to its northern suburbs.
The Public Finance Authority will place approximately $3.6 billion in private activity bonds (PAB) as a conduit issuer and will lend the proceeds to the borrower. Concurrently, the borrower will enter into a separate loan agreement with TIFIA for an additional $4 billion that will be generally subordinated to the PABs.
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