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KBRA Affirms Bank-Enhanced AA-/K1+ Ratings for Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds Series of 2020 (LOC-Backed)

2 Jun 2026   |   New York

Contacts

KBRA affirms 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 Series of 2020.

Key Credit Considerations

The ratings were affirmed because of the following key credit considerations:

Credit Positives

  • Strong structural and legal provisions of the direct pay letter of credit effectuate substitution of credit and liquidity risk of the Bank for that of the Commission.

Credit Challenges

  • Reliance on direct pay letter of credit exposes bondholders to systemic risk of the financial institutions sector.

Rating Sensitivities

For Upgrade

  • Upgrade of the DPLC provider.

For Downgrade

  • Downgrade of the DPLC provider.

To access ratings and relevant documents, click here.

Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1015233