Summary: North Texas Tollway Authority; Joint Criteria; Toll Roads Bridges Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services assigned its 'A-' long-term rating to the North Texas Tollway Authority's (NTTA or the authority) $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. The 'BBB+' rating reflects our view of the bonds' subordinate status. The 'AAA' rating on the series 2009D bonds reflects the application of our joint criteria using low correlation between the bonds'...

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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