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S&PCORRECT:North Texas Tollway Authority's Bonds Lowered To 'A', Remain On CreditWatch Neg Nov 07 Product Image

S&PCORRECT:North Texas Tollway Authority's Bonds Lowered To 'A', Remain On CreditWatch Neg Nov 07

  • ID: 2023860
  • November 2007
  • Region: Texas
  • Standard & Poors

FEATURED COMPANIES

  • North Texas Tollway Auth
  • MORE

Abstract
NEW YORK (Standard & Poor's) Nov. 9, 2007--Standard & Poor's Ratings Services lowered its rating and underlying rating (SPUR) on North Texas Tollway Authority's (NTTA) long-term parity bonds to 'A' from 'A+'. The rating remains on CreditWatch with negative implications. At the same time, Standard & Poor's assigned its 'SP-1' short-term rating to the authority's $3.75 billion series 2007 BANs, maturing on June 1, 2008. The rating downgrade, which affects roughly $1.345 billion in revenue bonds issued for the NTTA system, reflects the significant additional debt that the authority is incurring with this BAN issuance, which will almost triple the authority's total debt. The ratings remain on CreditWatch with negative implications until NTTA clarifies its long-term plan of finance. At...

Companies mentioned in this report are:
- North Texas Tollway Auth

Action: Downgraded
Action: New Rating
Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- North Texas Tollway Auth

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