The North Texas Tollway Authority received strong credit reports from both Moody’s Investors Service and Standard and Poor’s last week.
Moody’s Investors Service assigned an A2 rating to the $296.4 million NTTA System First Tier Revenue Refunding Bonds, Series 2011B. Moody’s rating outlook changed from negative to stable.
Meanwhile, Standard & Poor’s Ratings Services assigned its A- long-term rating to the NTTA’s $266.25 million series 2011B first-tier revenue refunding bonds. At the same time, Standard & Poor’s affirmed its A- long-term and underlying ratings (SPUR) on NTTA’s $6.1 billion first-tier system revenue bonds and its BBB+ long-term rating on the authority’s $1.1 billion second-tier revenue bonds. Finally, Standard & Poor’s affirmed its ‘AAA/A-1+’ rating on NTTA’s series 2009D variable-rate first-tier system revenue refunding bonds. The outlook, where applicable, is stable.
“We are pleased with the NTTA System ratings and the movement to a stable outlook for the NTTA System. These ratings demonstrate the financial strengths of the System,” said NTTA Chairman of the Board Kenneth Barr. “As an organization, we are delivering valuable, quality transportation solutions to this region and offering viable travel choices to customers throughout North Texas.”
To access the reports, visit www.NTTA.org.
About the NTTA
The North Texas Tollway Authority, a political subdivision of the state of Texas, is authorized to acquire, construct, maintain, repair and operate turnpike projects in the north Texas region. The nine-member governing board is comprised of Chairman Kenneth Barr; Vice Chairman Bill Moore; and Directors Kent Cagle, David Denison, Michael Nowels, George “Tex” Quesada, Bob Shepard, Victor Vandergriff and Jane Willard.
The NTTA serves Collin, Dallas, Denton and Tarrant counties and owns and operates the Dallas North Tollway, President George Bush Turnpike, Sam Rayburn Tollway, Addison Airport Toll Tunnel, Lewisville Lake Toll Bridge and the Mountain Creek Lake Bridge. The NTTA is able to raise capital for construction projects through the issuance of turnpike revenue bonds. NTTA toll projects are not a part of the state highway system and receive no direct tax funding. Tolls are collected to repay debt and to operate and maintain the roadways.