Brightline’s Bond Rating Lowered to ‘Junk’ Status as Debt Mounts Despite High Ridership

The Brightline high-speed rail company, which operates a train in Florida and is building a new line between Las Vegas and Southern California, had its bond rating downgraded to junk status as the company faces mounting debt and an upcoming interest payment, according to a report in Railway Supply.

The Florida line, which connects Orlando to Miami, experienced strong ridership growth, with almost 1.4 million trips taken in the first nine months of 2025, according to a Palm Beach Post article. But the company is roughly $1.2 billion in debt and has never turned a profit since its launch in 2017, losing almost $180 million in the first nine months of 2025. Brightline is also embroiled in two lawsuits that could cost it $100 million in legal costs. 

Without raising fares, Brightline would need to nearly quadruple its ridership in Florida to cover its losses. “To counter those existing and potential headwinds, Brightline continues to court repeat local riders and members of its new loyalty program, using email promotions and special offers. It also provides free shuttles to major sporting and concert events in South Florida, where highway congestion remains heavy.”