S&P Global Ratings assigned its 'AA-' long-term rating to the Pennsylvania Turnpike Commission's (PTC) $90 million series 2024B senior-lien turnpike revenue bonds, $43.89 million second series 2024 senior-lien turnpike revenue refunding bonds, and $30.42 million first series 2025 senior-lien turnpike revenue refunding bonds. The outlook is stable. Net revenue directly associated with the turnpike's operations secures the senior-lien bonds. For our analysis of all debt obligations, we consider PTC's consolidated financial results because the commission can use revenue from the oil franchise tax general fund, or other legally available PTC funds, for a broad spectrum of transportation projects across the commonwealth and to support the registration fee revenue bonds debt service if the pledged registration fee revenue cannot cover the
