Moody's upgraded TfL's debt ratings due to the significant improvement in operating performance sustained with growing surpluses, tight cost control, post-pandemic passenger recovery, and new revenue sources like the Elizabeth line.
TfL's non-fares income, excluding the GLA grant, doubled since 2019 to £1.7 billion in 2023, with over £400 million from congestion charging and ULEZ, though ULEZ funding is expected to decline.
Capital investments decreased with the Elizabeth line opening, but debt may rise due to the Silvertown Tunnel. TfL's risks include reliance on government funding for projects with agreements only until March 2025.
The uncertain future capital funding framework poses challenges for long-term planning of London's transport network, highlighting the need for stability in funding arrangements.
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