S&P Global Ratings has assigned its 'AA-' rating to the Kentucky Turnpike Authority's series 2016B economic development road revenue 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 outlook is stable. 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 coverage of debt service obligations from road fund revenue; The authority's limited capital needs and rapid amortization; and The good bond provisions, which include a 2x maximum annual debt service (MADS) additional bonds test (ABT) based on adjusted revenues of the state's road fund
