KBRA Releases Surveillance Report for Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds Series A of 2020

On August 17, 2023, KBRA upgraded the bank-enhanced long-term rating for the Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds, Series A of 2020 to A+, from A, and affirmed the bank-enhanced short-term rating for the Bonds at K1. The ratings are based on: (i) an analysis of the structural and legal protections of the transaction and (ii) KBRA's August 8, 2023 ratings for Barclays Bank PLC (the Bank) the provider of the irrevocable direct pay letter of credit supporting the Bonds. The upgrade of the long-term rating and affirmation of the short-term rating mirror recent KBRA rating actions for the Bank.

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