KBRA Releases Report for Pennsylvania Turnpike Commission Oil Franchise Tax Senior and Subordinated Revenue Bonds

NEW YORK--()--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AA and Stable Outlook to the Pennsylvania Turnpike Commission Oil Franchise Tax Senior Revenue Bonds, Series A of 2018 and outstanding parity obligations. KBRA has also assigned a long-term rating of AA- and Stable Outlook to the Pennsylvania Turnpike Commission Oil Franchise Tax Subordinated Revenue Bonds, Series B of 2018 and outstanding parity obligations. KBRA’s long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility unless otherwise noted.

   
Ratings  

Issuer:          Pennsylvania Turnpike Commission (PTC)

Series/Bond   Rating   Outlook   Action

Oil Franchise Tax
Senior Revenue Bonds, Series A of 2018

  AA   Stable   Assigned

Oil Franchise Tax
Subordinated Revenue Bonds, Series B of 2018

  AA-   Stable   Assigned

Oil Franchise Tax
Senior Revenue Bonds

  AA   Stable   Assigned

Oil Franchise Tax
Subordinated Revenue Bonds

  AA-   Stable   Assigned
KBRA’s long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted.
 

The above rating actions are based upon KBRA’s U.S. Special Tax Revenue Bond Rating Methodology and an assessment of the following five key rating determinants prescribed therein:

  • Legal Framework
  • Nature of Special Tax Revenues
  • Economic Base and Demographics
  • Revenue Analysis
  • Coverage and Bond Structure

To read the full 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 recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and 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.

Contacts

Analytical:
Kroll Bond Rating Agency
Andrew Clarke, 646-731-2380
Managing Director
aclarke@kbra.com
or
Alice Cheng, 646-731-2403
Associate Director
acheng@kbra.com
or
Peter Scherer, 646-731-2325,
Associate
pscherer@kbra.com

Contacts

Analytical:
Kroll Bond Rating Agency
Andrew Clarke, 646-731-2380
Managing Director
aclarke@kbra.com
or
Alice Cheng, 646-731-2403
Associate Director
acheng@kbra.com
or
Peter Scherer, 646-731-2325,
Associate
pscherer@kbra.com