On January 16, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA- and Stable Outlook to the Pennsylvania Turnpike Commission (PTC) Turnpike Revenue Refunding Bonds, First Series of 2019.
KBRA additionally affirmed the long-term rating of AA- and Stable Outlook on PTCs outstanding Turnpike Revenue Bonds as well as the long-term rating of A+ and Stable Outlook on PTCs outstanding Turnpike Subordinate Revenue Bonds.
|Issuer: Pennsylvania Turnpike Commission|
Turnpike Revenue Refunding Bonds, First Series of 2019
|Turnpike Revenue Bonds||AA-||Stable|
|Turnpike Subordinate Revenue Bonds||A+||Stable|
Concurrently, KBRA withdrew the long-term rating of AA- and Stable Outlook on PTCs Turnpike Revenue Refunding Bonds, First Series of 2018. The sale of First Series of 2018 Bonds was canceled.
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The rating actions are based on KBRAs U.S. Public Toll Roads, Bridges, and Tunnels Rating Methodology and an assessment of the following five key rating determinants identified therein:
- Size and Scope of Operations
- Demand Assessment
- Management/Regulatory Framework
- Financial Profile
- Security Provisions
To access the report, click here.
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About KBRA and KBRA Europe
KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Peter Scherer, Associate