This report does not constitute a rating action. S&P Global Ratings'long-term rating on the Ohio Turnpike and Infrastructure Commission's (OTIC's) senior-lien revenue bonds outstanding is'AA-'. S&P Global Ratings'long-term rating on the commission's junior-lien revenue bonds outstanding is'A+'. The outlook is stable. The bonds are secured by 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 healthy financial performance. Bond provisions include a 1.2x rate covenant on a senior- and combined-lien basis, and
