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Greater Miami Expressway Agency points to higher maintenance scores and a Fitch upgrade, pledges toll‑collection improvements
Summary
GMX officials told the board they have raised their Maintenance Rating Program score to 93 and received a Fitch rating upgrade, which they said will improve bond terms; officials also described a lane‑level modernization expected to raise toll‑by‑plate collections.
Rafael, a representative of the Greater Miami Expressway Agency, told the board the agency has advanced a broad maintenance program — replacing reflective sheeting, upgrading lighting to meet FDOT standards, sandblasting structures and deploying smart lights — and that those efforts are reflected in an MRP score now reported as 93.
“We believe this is a recognition of our sound fiscal management and strong financial outlook for the agency,” Rafael said, noting a recent Fitch rating upgrade. He added that an improved bond rating positions the agency to secure “favorable terms when issuing bonds,” enabling more efficient investment in long‑term work programs.
Commissioners praised the agency’s work and urged staff to consider opportunities for transit‑oriented developments and workforce housing at park‑and‑ride and government‑campus sites as planning proceeds.
Commissioner Roberts probed the agency on toll‑by‑plate collections versus national and peer averages. Citing IBTTA benchmarks, he noted that the national average collection rate is typically between about 50%–60% and that other regional agencies were running roughly 65% or higher. He pointed to the agency’s reported near‑term collection figure below those comparators and asked how the agency will raise it.
The agency’s COO said lane‑level modernization has been underway and that, for customers, the agency’s measured collection rate is effectively higher once back‑end reads and interoperability are included. “For a customer's sake … we consider the idles, right … we should be at the lane level what you would expect, which is at 73%,” the COO said, and added that full interoperability work is expected to conclude in the next month or so.
Board members also asked about debt‑service coverage ratios. Agency staff said the agency currently meets its internal policy (a 1.5 coverage threshold), expects to return to market borrowing in roughly 10–12 months as financials normalize, and is exploring potential refinancing strategies that could increase the coverage ratio over time.
The board recommended transparency measures, including a public dashboard modeled on other regional expressway authorities, to help lay readers track operational metrics and collections over time. The presentation paused for a short break and reconvened for other business.
What’s next: Agency staff said they will provide updated collection figures and a refreshed dashboard as modernization milestones are completed, and the board asked for next‑year numbers to reflect the recent work.
