Fitch to Confirm S-T 'F1+' Rating on Oklahoma Turnpike Refunding Revenue Bonds, Series 2006C

NEW YORK--(BUSINESS WIRE)--On the effective date of Dec. 3, 2009, Fitch Ratings will confirm the short-term 'F1+' rating assigned to the Oklahoma Turnpike Authority (authority), $106,160,000 Oklahoma Turnpike system refunding second senior revenue bonds (variable rate bonds), series 2006C. The confirmation of the short-term rating is in connection with the substitution of the current Banco Bilbao Vizcaya Argentaria S.A., acting through its New York Branch, standby bond purchase agreement (SBPA), which provides liquidity support for the bonds, with a substitute SBPA to be provided by Bank of America, N.A. (rated 'A+/F1+' by Fitch). On Dec. 3, 2009, the current SBPA will be replaced and the short-term 'F1+' rating assigned to the bonds will be confirmed based on the substitute SBPA issued by Bank of America, N.A.

The long-term 'AA-' rating assigned to the bonds continues to be based on the rating that Fitch assigns to the series 2006C second senior revenue bonds. For more information see the press release dated May 27, 2009 on Fitch's website, at www.fitchratings.com.

The substitute SBPA provides for the payment of the purchase price of tendered bonds during the daily and weekly interest rate periods. The substitute SBPA, like the current SBPA, is sufficiently sized to cover the principal portion of the purchase price and 34 days of interest at the maximum rate of 12%, based on a year of 365 days. The short-term 'F1+' rating for the bonds will expire on the earlier of March 17, 2010, the stated expiration date of the substitute SBPA, unless such date is extended, or upon the occurrence of other events of termination, as specified in the SBPA. Goldman, Sachs & Co. will continue to be the remarketing agent for the series 2006C bonds.

Additional information is available at www.fitchratings.com.

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