...S&P Global Ratings assigned its 'A+' long-term rating to the Ohio Turnpike & Infrastructure Commission's (OTIC) estimated $299.8 million 2022 series A junior-lien revenue refunding bonds (forward delivery). At the same time, S&P Global Ratings affirmed its '##-' rating on OTIC's senior-lien revenue bonds outstanding, and its 'A+' rating on the junior-lien revenue bonds outstanding. The outlook on all ratings is stable. The bonds are secured by and payable from pledged revenues of the turnpike system, which consist of net toll revenue, net special toll permit revenue, service plaza concession revenue, gross additional lease and license revenue (such as advertising), and certain investment income. We view the overall bond structure and protections to be neutral for credit quality given the turnpike's consistently strong financial performance. Bond provisions include a 1.2x rate covenant on a senior- and combined-lien basis, and an additional bonds test (ABT) of 1.5x pro forma maximum annual...
