S&P Global Ratings has affirmed its 'AA-' rating on Ohio Turnpike and Infrastructure Commission's (OTIC) turnpike revenue bonds. At the same time, we affirmed our 'A+' rating on the commission's turnpike junior-lien revenue bonds. The outlook is stable. Credit strengths, in our opinion, include the following: A strong competitive position, functioning as a very important east-west transportation corridor spanning the entire width of northern Ohio, linking directly with the Pennsylvania Turnpike to the east and the Indiana Toll Road to the west; Total debt service coverage (DSC) we expect will decline, but still remain strong as a result of increasing leverage from planned bond issues that will be somewhat offset by adopted annual toll increases through 2023; and Traffic levels
