Press Release|Public Finance
KBRA Releases Surveillance Report for Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds Second Series of 2019 (LOC-Backed)
4 Jun 2024 | New York
On June 3, 2024 KBRA affirmed the bank-enhanced long-term rating of AA- with a Stable Outlook as well as the bank-enhanced short-term rating of K1+ for the Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds Second Series of 2019. The bonds are variable rate demand obligations with credit and liquidity support provided by an irrevocable Direct Pay Letter of Credit issued by TD Bank, N.A., a subsidiary of The Toronto-Dominion Bank. The ratings are based on an analysis of the structural and legal protections of the transaction and KBRA’s long-term and short-term ratings of the Bank, affirmed on May 2, 2024.
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