First Eagle’s Miller Sees Brightline Rider Gains Boosting Bonds

Ridership growth on Brightline Florida’s private passenger railroad at the end of 2025 is a positive sign for its struggling bonds, says John Miller, chief investment officer for First Eagle Investment Management’s municipal group, which owns the company’s debt.

The rail line, which has a route connecting Miami to Orlando, has seen its credit rating plunge into junk and last month skipped its second interest payment on $1.2 billion of subordinate municipal bonds.