KBRA Releases Rating Report Assigning AA- and Stable Outlook to Newly Offered Pennsylvania Turnpike Commission Turnpike Revenue Bonds
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 .
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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 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.
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CONTACT: Analytical Contacts:
Andrew Clarke, Managing Director
Peter Scherer, Associate
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Kroll Bond Rating Agency
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PUB: 10/02/2018 01:00 PM/DISC: 10/02/2018 01:01 PM