LOS ANGELES -- Bonds sold in March for a start-up toll road in Orange County, Calif., have performed well, but may face a more skittish market in coming months as project-related litigation moves closer to resolution, according to a new J.P. Morgan Securities Inc. report.

"We continue to believe that the economic outlook for Orange County and the willingness of residents to use the toll road will have a far more important long-term impact on the bonds than litigation," said the J.P. Morgan credit update on $1.1 billion of bonds issued by the San Joaquin Hills Transportation Corridor Agency.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.