NEW YORK--(BUSINESS WIRE)--On June 12, 2018, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA- with a Stable Outlook to the Pennsylvania Turnpike Commission’s (PTC) Variable Rate Turnpike Revenue Bonds, Series A-1 of 2018 and Turnpike Revenue Bonds, Series A-2 of 2018. KBRA has additionally affirmed the long-term rating of AA- and Stable Outlook on PTC’s outstanding Turnpike Revenue Bonds as well as the long-term rating of A+ and Stable Outlook on PTC’s outstanding Turnpike Subordinate Revenue Bonds. KBRA’s long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted.
The rating actions are based on the below key rating determinants of the U.S. Public Toll Roads, Bridges & Tunnels Bond Rating Methodology:
- Size and Scope of Operations
- Demand Assessment
- Management/Regulatory Framework
- Financial Profile
- Security Provisions
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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.