New York, December 12, 2012 -- Moody's affirms the A3 rating and stable outlook on the senior revenue bonds of the Miami-Dade Expressway Authority. The rating outlook is stable.

RATING RATIONALE:

Steady traffic and revenue growth and no projected rate increases provide adequate albeit declining service coverage ratios (DSCRs) consistent with A-rated toll roads. The authority roads serve as congestion relievers and essential connectors in a growing urban area and the authority maintains strong liquidity levels. Offsetting these strengths are actual results below forecasted in the 2010 plan of finance due to lower revenue and higher unbilled transactions than anticipated due to system integrator implementation billing delays for video tolls. Exposure to higher than average variable rate debt and derivatives also adds credit risk, particularly given swap collateral posting requirements just below the authority's current rating.

STRENGTHS

*Well established primarily commuter toll-road system provides vital transportation links in major economic center

*High level of demonstrated demand with historically strong growth patterns

*Economic base continues to expand steadily, though more slowly

*Multiple assets provide revenue diversity and stability

*Very strong liquidity levels

CHALLENGES

*Conversion to all electronic toll collection poses some risks

*Large, multi-part construction program could face delays and/or cost increases

*Significant exposure to variable rate debt and swaps adds credit risks

*Billing and collection process for video toll in dispute and could have negative financial and operational consequences and remediation could take longer than expected to implement

OUTLOOK

The stable outlook reflects Moody's expectation that conversion to all electronic toll collection or open road tolling (ORT) will proceed as scheduled and that actual toll transactions and revenues will be in line with forecasts. The outlook is also based on achieving DSCRs consistently at or above 1.4 times for the senior bonds.

What Could Change the Rating - UP

Successful completion of the authority's capital improvement program and ORT projects within current budget and schedule combined with demonstrated ability to generate forecasted toll revenues and provide or exceed forecasted DSCR could place upward pressure on the rating.

What Could Change the Rating - DOWN

Lower than forecasted transactions and revenues; significantly increased costs to implement remaining capital projects, or unanticipated increases in the scope or scale of projects combined with lower than forecasted DSCRs and reserve levels could exert downward rating pressure.

Principal Methodology

The principal methodology used in this rating was Government Owned Toll Roads published in October 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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Maria Matesanz Senior Vice President Public Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Chee Mee Hu MD - Project Finance Public Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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