KBRA Releases Report Assigning AA- and Stable Outlook to Pennsylvania Turnpike Commission Turnpike Revenue Refunding Bonds, First Series of 2019

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
Assigned       Rating(s)       Outlook

Turnpike Revenue Refunding Bonds, First Series of 2019

      AA-       Stable
                 
Affirmed       Rating(s)       Outlook
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.

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.

Analytical:
Andrew Clarke,
Managing Director
(646) 731-2380
[email protected]

Peter Scherer, Associate
(646) 731-2325
[email protected]