Brightline Trains Florida LLC — the struggling private rail line connecting Orlando to Miami — was downgraded five notches by S&P Global Ratings, citing a “material deviation” from growth expectations in the second half of this year and higher probability of default by January 2027.
S&P loweredBloomberg Terminal the unenhanced and underlying ratings on $2.2 billion of senior secured debt to CCC from BB-. About $1.1 billion of those bonds are insured with an AA rating, based on Assured Guaranty’s credit grade.