S&P Global Ratings revised the outlook to positive from stable and affirmed its 'AA-' rating on the Pennsylvania Turnpike Commission 's (PTC) registration-fee revenue bonds outstanding. At the same time, we assigned our 'AA-' long-term rating to the commission?s approximately $242.555 million registration-fee revenue refunding bonds, series 2025. The outlook revision to positive reflects the outlook on the Commonwealth of Pennsylvania, as we view the mitigation of the existing variable-rate debt exposure through this transaction as improving the underlying credit quality. The series 2025 registration-fee revenue bonds are limited obligations of the commission, payable from its allocation of revenues under Act 3 of 1997 of the General Assembly of Pennsylvania. Act 3 revenues are derived from annual registration fees on
