KBRA Assigns A+ Rating and Stable Outlook to Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Bonds, Series A of 2019

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns a long-term rating of A+ and
Stable outlook to the Pennsylvania Turnpike Commission Turnpike
Subordinate Revenue Bonds, Series A of 2019. KBRA additionally affirms
the long-term rating of AA- and Stable outlook on the Commission’s
outstanding Turnpike Revenue Bonds and long-term rating of A+ and Stable
outlook on the Commission’s outstanding Turnpike Subordinate Revenue
Bonds.

The rating actions are based on KBRA’s U.S. Public Toll Roads, Bridges,
and Tunnels Rating Methodology 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

A full report will be forthcoming.

Related Publications: (available at www.kbra.com)

• Court
  Dismisses Challenge to Pennsylvania Turnpike Commission’s Act 44/89
  Transit Funding Program

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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. KBRA is also 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.

Contacts

Analytical:
Linda Vanderperre,
Senior Director
(646) 731-2482
lvanderperre@kbra.com

Peter
Scherer, Associate
(646) 731-2325
pscherer@kbra.com

Harvey
Zachem, Managing Director
(646) 731-2385
hzachem@kbra.com