PLEASANTVILLE, N.J. (AP) — A Wall Street analyst warns the Atlantic City Expressway might have to raise tolls if traffic volume continues to decline.
Fitch Ratings says the South Jersey Transportation Authority might need to boost tolls by 10 to 15 percent to maintain current debt-coverage ratio on its bonds.
The Press of Atlantic City (http://bit.ly/1sbCBcX ) reports authority deputy executive director Sharon Gordon declined comment on the predictions.
Fitch says severe weather led to a 5 percent decline in expressway traffic during the first two months of 2014. Expressway traffic fell nearly 2 percent in 2013 and toll revenue has declined every year since peaking in 2009.
Fitch blames the traffic decline on the economic downturn, gambling competition in nearby states and Superstorm Sandy.
Information from: The Press of Atlantic City (N.J.), http://www.pressofatlanticcity.com