Fitch Rates Kentucky Turnpike Authority's $200MM Bonds 'AA-' Underlying (Business Wire)

NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns an 'AA-' underlying rating to approximately $200 million Turnpike Authority of Kentucky (the authority) economic development road revenue bonds, 2008 series A. The bonds are expected to be offered through negotiation during the week of July 28. Fitch has also affirmed the 'AA-' rating on the $5.0 billion of appropriation bonds previously issued by Kentucky agencies. The Rating Outlook is Negative. The Commonwealth of Kentucky's (the commonwealth) debt is primarily in the form of lease rental bonds, requiring appropriation. The commonwealth's 'AA-' lease appropriation rating on most state appropriation bonds, including the road revenue bonds, recognizes the well-established mechanism for lease financing, highlighted by automatically renewable leases, and broader credit... [read full story]