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KBRA Releases Rating Report Assigning AA- and Stable Outlook to Newly Offered Pennsylvania Turnpike Commission Turnpike Revenue Bonds

October 2, 2018

NEW YORK--(BUSINESS WIRE)--Oct 2, 2018--On October 1, 2018, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA- and Stable outlook to Pennsylvania Turnpike Commission’s (PTC) Turnpike Revenue Refunding Bonds, First Series of 2018 and Variable Rate Turnpike Revenue Bonds, Series B of 2018. Additionally, KBRA 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 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 KBRA’s 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

The rating report can be accessed .

Related Publications: (available at )

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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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181002005903/en/

CONTACT: Analytical Contacts:

Andrew Clarke, Managing Director

(646) 731-2380

aclarke@kbra.com

or

Peter Scherer, Associate

(646) 731-2325

pscherer@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2018.

PUB: 10/02/2018 01:00 PM/DISC: 10/02/2018 01:01 PM

http://www.businesswire.com/news/home/20181002005903/en

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