Triangle Expressway Investor Information

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​​​​​​​​​​​​​​Please Be Advised 

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Please note that if you are unable to access any of the rating agency publications listed on this webpage, the full publications are available on the respective rating agencies’ websites.

• S&P Global 
  
• Moody's 
  
• FitchRatings - North Carolina Turnpike Authority​

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• Rate Covenant Reports
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  • FY2025 Rate Covenant Report​ 
    
  • ​FY2024 Rate Covenant Report​ 
    
  • FY2023 Rate Covenant Report​
    
  • FY2022 Rate Covenant Report​​​
    
  • FY​​2021 Rate Covenant Report​​​
    
  • FY2020 Rate Covenant Report
  • FY2019 Rate Covenant Report​​
    
  • FY2018 Rate Covenant Report​
  • FY2017 Rate Covenant Report​
  • FY2016 Rate Covenant Report
  • ​ FY2015 Rate Covenant Report​
  • ​ FY2014 Rate Covenant Report​​​
    

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• Maintenance Rating Program Reports

  
  

  ​​​​Calendar Year​	Quarter 1​​​​	Quarter 2​	Quarter 3	Quarter 4​​​
  ​2025	​CY2025 Q1 Report	​CY2​025 Q2 Report	CY2025 Q3 Report​	​CY2025 Q4 Report​
  ​2024	​CY2024 Q1 Re​port​	​CY2024 Q2 Re​port​	​CY2024 Q3 ​Re​port	​CY2024 Q4 Re​port​
  ​2023​	​CY2023 Q1 Re​port​	​CY2023 Q2 Re​port​	​CY2023 Q3 Re​port​	​CY2023 Q4 Re​port​​​
  ​2022	​CY2022 Q1 Re​port​	​CY2022 Q2 Re​port​	​CY2022 Q3 Re​port​	​CY2022 Q4 Re​port​​
  ​2021	​CY2021 Q1 Re​port​	​CY2021 Q2 Report	​​CY2021 Q3 Report	​​CY2021 Q4 Report​
  2020​	​​​CY2020 Q1 Report	​CY2020 Q2 Report	CY2020 Q3 Report​​	CY2020 Q4 Report​
  2019	​CY2019 Q1 Report	​CY2019 Q2 Report	CY2019 Q3 Report	CY2019 Q4 Report​
  2018	CY2018 Q1 Report	CY2018 Q2 Report	CY2018 Q3 Report	CY2018 Q4 Report
  ​ 2017	CY2017 Q1 Report	CY2017 Q2 Report	CY2017 Q3 Report	​​​CY2017 Q4​​ ​Re​port​
  ​2016	CY2016 Q1 Report​	CY2016 Q2 ​Report	​CY2016 Q3 Report	CY2016 Q4​ Report​

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• Roadway Operations Statistics Reports

  ​Calendar Year	Quarter 1​​​	Quarter 2	Quarter 3	Quarter 4
  ​2024	​CY2024 Q1 Report	​CY2024 Q2 Report	​CY2024 Q3 Report	​CY2024 Q4 Report​​
  ​2023	​CY2023 Q1 Report	​CY2023 Q2 Report​	CY2023 Q3 Report	CY2023 Q4 Report​
  ​2022	​CY2022 Q1​ Report	​CY20​22 ​​Q2 Report	​CY2022 Q3 Report	​CY2022 Q4 Report​​​​​
  ​2021	​CY2021 Q1 Report	​CY2021 Q2 Report​	​CY2021 Q3 Report	​CY2021 Q4 Report​
  2020​​​	​CY2020 Q1 Report​​	CY2020 Q2 Report	​CY2020 Q3 Report​	​CY2020 Q4 Report​
  ​2019	​CY2019  Q1 Report​	​CY2019 Q2 Report	​CY2019 Q3 Report	​CY2019 Q4 Report​

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• Operations Statistics Reports

  Calendar Year​​	Quarter 1​​​	Quarter 2	​Quarter 3	Quarter 4
  2018​​	​CY2018 Q1 Report	CY2018 Q2 Report	CY2018 Q3 Report	CY2018 Q4 Report
  2017	CY2017 Q1 Report	CY2017 Q2 Report	CY2017 Q3 Report	​CY2017 Q​4 Report
  ​2016	CY2016 Q1 Report​	CY2016 Q2 Report	​CY2016 Q3 Report	CY2016 Q4 Report​

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• Official Statements
  • Tr​iangle Expressway System Senior Lien Reven​​​ue Bonds, Series 2009A&B​​
    
  • Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds, Series 2017
  • Triangle Expressway System Appropriation Revenue Refunding Bonds, Series 2018A
  • Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds, Series 2018
  • Triangle Expressway System Senior Lien Turnpike Revenue Bonds, Series 2019​
  • Triangle Expressway System Appropriation Revenue Bonds, Series 2019
  • Triangle Ex​​pressway System Senior Lien Turnpike Revenue Bond Anticipation Notes, Series 2020​
  • ​​​Triangle Expressway System Senior Lien Turnpike Revenue Bonds, Series 2024​
    
• Ratings

  ​		​Moody's​	S&P​	Fitch	​KBRA
  Senior Lien Revenue Bonds, Series 2009B​​	Insured	​​A1​​	​AA​	​-	​AA​
  ​Senior Lien Revenue Bonds, Series 2009​​B	​   Underlying	Baa2​	​BBB​​	​ BBB+​​	​-​​
  ​Senior Lien Revenue Refunding Bonds, Series 2017​​	Insured	​A1​	​AA​	​-	​-
  ​Senior Lien Revenue Refunding Bonds, Series 2017	​Underlying	​-	​BBB	​​BBB+​	​​-​
  Appropriation Revenue Refunding Bonds, Series 2018A	​Underlying	​Aa1​	​AA+	​-	-​
  ​Senior Lien Revenue Refunding Bonds, Series 2018	Insured​	​-	AA	​-	-​
  ​Senior Lien Revenue Refunding Bonds, Series 2018	​Underlying	​-	​BBB​	BBB+​	-​
  ​Senior Lien Revenue Bonds, Series 2019​	​Insured	​-	​AA	​-	​-
  ​Senior Lien Revenue Bonds, Series 2019​	​Underlying	​​-	BBB	BBB+​	-​
  ​Appropriation Revenue Bonds, Series 2019​​	​Underlying	​Aa1	A​A+​​	​ AA+​	-
  ​​​Senior Lien Revenue Bonds, Series 2024A​	​Insured	​​-	AA	​-	​​​​​-​
  ​Senior Lien Revenue Bonds, Series 2024A​	​Underlying	​-	​BBB	​BBB+	​-
  ​​​Senior Lien Revenue Bonds, Series 2024B	​Insured	​​-	AA​	​-	​​​​​-​
  ​Senior Lien Revenue Bonds, Series 2024B	​Underlying	​-	​BBB	​BBB+	​-
  ​​​​TIFIA Loan, 2021	​-	​​-	BBB​	​BBB+​	​​​​​-​
  ​​​TIFIA Loan, 2024​	​-	​-	​BBB	​BBB+	​​​-

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10/28/2026 1:12 PM