(The following statement was released by the rating agency)NEW YORK, February 19 (Fitch) Fitch Ratings affirms the State of Florida Department of Transportation (FDOT) Alligator Alley's $34.1 million outstanding revenue refunding bonds at 'A+'. The Rating Outlook remains Stable.KEY RATING DRIVERSNARROW SERVICE AREA: Alligator Alley is a critical link and the most efficient means of east-west surface transportation in the southern Florida area between the metropolitan centers of Miami and Naples, respectively. However, the narrow service area of the toll road which provides connectivity only between these population centers, and the higher share of commercial traffic relative to other department-owned and operated roads accentuate its exposure to economic downturns. Revenue Risk- Volume: MidrangeSTRONG PRICING FLEXIBILITY: Alligator Alley has considerable economic rate-making ability. Toll rates are indexed to inflation with increases planned every five years for cash tolls and annually for SunPass tolls. Toll rates are low on a per mile basis at $0.042. Revenue Risk- Price: StrongerCONSERVATIVE DEBT STRUCTURE: All bonds outstanding are fixed rate bonds. Debt service schedule is flat with annual payments of $3.4 million with a final maturity in 2027. No additional debt is anticipated in the near term. Debt Structure: StrongerINFRASTRUCTURE FUNDED ON PAY-GO BASIS: It has been an FDOT practice to fund capital improvement projects on a pay-go basis. FDOT has an institutionalized practice to plan for, fund and implement major renewal and replacement projects on a regular basis. Infrastructure Renewal and Development: StrongerHIGH COVERAGE AND LOW LEVERAGE: Alligator Alley maintains a very strong financial profile with debt service coverage of 5.11 times (x) and low leverage of 1.8x net debt to cash flow available for debt service (CFADS) for fiscal 2013 (ended June 30). Liquidity position is also robust, the parkway has 825 days cash on hand when including operation and maintenance (O&M) reserve and renewal and replacement (R&R) reserve. However, the standalone nature of this facility, exacerbated by the narrow service area, caps this rating in the 'A' category.RATING SENSITIVITY--Significantly lower coverage levels as a result of traffic declines or unmanaged expense growth;--Plans by the state of Florida to add significant leverage to support non-facility investments.SECURITYThe 2007A bonds are secured by a pledge of and first lien on, and will be payable solely from, the net revenues derived from the operation of Alligator Alley. Net revenues are defined as what remains after deducting the administrative, maintenance, and operating costs.CREDIT UPDATEToll revenues in fiscal 2013 grew 27.8% to $25 million as a result of a toll increase in June 2012. Cash tolls were increased to $3.00 from $2.50 and SunPass tolls were increased to $2.75 from $2.00. Pursuant to the 2007 legislation, the Turnpike System and other FDOT-owned facilities are required to index toll rates to inflation and adjust cash tolls at least once every 5 years while SunPass tolls are adjusted annually. Despite the toll adjustment, traffic grew 1% in fiscal 2013 demonstrating strong demand for the facility. The service area continues to showing signs of recovery after the economic downturn. Through the first three months of fiscal 2014 traffic is up 6.2%, while revenue increased 8.1%. Truck traffic continues to represent a steady share of the parkway's traffic profile representing 8% of total traffic and approximately a quarter of toll revenues.Debt service coverage ratio for fiscal 2013 improved to 5.1x from 3.6x in fiscal 2012, providing strong financial protection against traffic volatility. Under Fitch's sensitivity analysis which assumes a down-side scenario of a 10% reduction in traffic levels over the near-term and conservative expense growth of 6% per annum, debt service coverage ratios are expected to remain strong at 4.7x in fiscal 2014 and decreasing to 3.5x in fiscal 2017.The 2014-2019 capital improvement plan totals approximately $36 million and is generally funded on a pay-go basis. Major projects in the capital plan include construction of the southern rest area that begins in fiscal year 2018 estimated to cost $11.4 million. Construction of the fire station is scheduled for completion in June 2014. Operating costs for the firehouse are estimated at $1.5 million per annum and will be funded using excess toll revenues after payment of debt service, O&M and R&R costs. Alligator Alley also has a subordinated obligation to fund the Everglades Fund as per Section 338.26, Florida Statutes, legally being the most subordinate obligation in the flow of funds. The Memorandum of Agreement between the Department and South Florida Water Management District (SFWMD) limits total transfers to a maximum of $63.6 million. To date, FDOT has transferred $43.5 million out of the maximum $63.6 million total. The parkway plans to pay the maximum amount to the Everglades fund by fiscal year 2016.The Florida Everglades Parkway, also known as 'Alligator Alley', is a four-lane, controlled access, 78-mile toll facility in the southern portion of the state operated by FDOT, which is an agency of the state of Florida. The Parkway is an integral part of Federal Interstate Highway I-75, connecting Naples on the Gulf of Mexico to Ft. Lauderdale on the Atlantic Ocean. The Department is responsible for its operation, maintenance, cash management and other financial matters.Contact:Primary AnalystRaymond WuAnalyst+1-212-908-0845Fitch Ratings, Inc.One State Street PlazaNew York, NY 10004Secondary AnalystSaavan GatfieldSenior Director+1 212 908 0542Tertiary AnalystMarkian DziukAnalyst+1-312-368-3187Committee ChairpersonChad LewisSenior Director+1-212-908-0886Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com.Additional information is available at '
  www.fitchratings.com'.
 Applicable Criteria and Related Research: --'Rating Criteria for Infrastructure and Project Finance' (July 12, 2012);--'Rating Criteria for Toll Roads, Bridges, and Tunnels' (Oct. 16, 2013).Applicable Criteria and Related Research: Rating Criteria for Infrastructure and Project Finance
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=682867
 Rating Criteria for Toll Roads, Bridges and Tunnels
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=720736
 Additional Disclosure Solicitation Status 
  http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=821041
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