The following report is a review of first quarter 2015 research notes by Moody’s Investors Service and Standard & Poor’s.

OIL PRICES HELP U.S. TOLL ROAD OPERATORS

Declining oil prices will boost U.S. toll roads as an improving economy bodes well for an increase in overall traffic, according to Moody’s Investors Service’s Low Oil Prices are Credit Positive for European and U.S. Toll Roads, But Impact Muted by Weak Economy. Moody’s does not expect to change its stable outlook on the U.S. toll road sector, and believes median toll transactions will increase 1 percent to 2 percent this year based on higher traffic volumes. “Toll roads in rapidly expanding areas like Dallas, Houston, San Francisco and Denver will see the greatest benefit,” the report notes. In Europe, meanwhile, higher taxes are canceling the benefits of lower oil prices. “The U.S. has seen and will continue to see bigger changes in its retail fuel price as a re