Summary: North Texas Tollway Authority; Note; Toll Roads Bridges Oct 08

Standard & Poors, October 2008

Abstract
Standard & Poor's Ratings Services has assigned its 'A-' rating to the North Texas Tollway Authority's (NTTA or the authority) privately placed $100 million series 2008J first-tier index floaters; $100 million series 2008K first-tier current interest bonds; and $250 million series 2008L first-tier put bonds. The outlook is stable. Bond proceeds will complete the take-out financing of the $3.5 billion series 2007 bond anticipation notes (BANs) before the Nov. 19, 2008, maturity and to help fund the capital program. About $224 million in BANS are outstanding; these issues will refund them. At the same time, Standard & Poor's affirmed its 'A-' long-term rating on NTTA's first-tier system revenue bonds its 'SP-1' rating on the authority's BANs, and the 'BBB+' rating...

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

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- North Texas Tollway Auth

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