...NEW YORK (Standard & Poor's) June 14, 2015--Standard & Poor's Ratings Services has lowered its rating to '##' from '##+' on Kentucky Turnpike Authority's economic development road fund bonds outstanding and revised its outlook to negative. "The downgrade reflects lower available revenue and coverage as a result of declining oil prices and changes to the motor vehicle usage tax," said Standard & Poor's credit analyst John Sugden. "It also reflects our view that lawmakers in Kentucky have yet to make meaningful progress in addressing its long-term pension liability profile," added Mr. Sugden. "Although the bonds are an obligation of the road fund, and a lease is in place, there is no direct lien on road fund revenues, which differentiates these bonds from traditional gas tax bonds. In our view, this subjects available revenues to fluctuation based on operations and maintenance costs." Although road fund revenues are constitutionally dedicated to road fund expenditures, Standard & Poor's has...
