KBRA Assigns Ratings to Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds Second Series of 2019 (LOC-Backed)

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA- with a
Stable Outlook and short-term rating of K1+ to the Pennsylvania Turnpike
Commission Variable Rate Turnpike Revenue Bonds Second Series of 2019
(“the Bonds”).

The Bonds will be issued as variable rate demand obligations with credit
and liquidity support provided by an irrevocable Direct Pay Letter of
Credit (DPLC) issued by TD Bank, N.A. (“the Bank”), a subsidiary of The
Toronto-Dominion Bank. (NYSE: TD).

The ratings are based on an analysis of the structural and legal
protections of the transaction and KBRA’s long-term and short-term
rating of the Bank, assigned on May 21, 2019. The following rating
methodologies were used:

• U.S.
  Third Party Liquidity Facility-Supported Variable Rate Demand
  Obligation Rating Methodology
• Global
  Bank & Holding Company Rating Methodology

To view the full report, click here.

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

• KBRA
  Assigns Ratings to Toronto-Dominion Bank and TD Bank, N.A.
• Pennsylvania
  Turnpike Commission Turnpike Revenue Bonds Rating Report

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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

Joe Scott, Managing Director
(646) 731-2438
jscott@kbra.com

Andrew Lin, Director
(646) 731-2483
alin@kbra.com

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