S&P Global Ratings has revised its outlook on the Kentucky Turnpike Authority's economic development road revenue bonds to negative from stable due to our opinion of potentially increasing operating costs, particularly because of increasing retirement expenses given eroding pension funding levels and actuarial assumption changes. We assigned our 'AA-' rating to the authority's series 2017 economic development road revenue bonds and 2017B economic development road revenue refunding bonds (revitalization projects), issued for Kentucky. At the same time, we affirmed our 'AA-' ratings on the authority's economic development road fund bonds outstanding. The 'AA-' ratings reflect our view of: The pledge of lease payments to pay debt service from any available revenues in the road fund, subject to appropriation; The good
