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
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: New Rating
Action: On CreditWatch:Negative
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