MOODY'S ASSIGNS PROVISIONAL (P)A1 TO NEW HAMPSHIRE TURNPIKE'S ESTIMATED $42 MILLION 2012 DELAYED DELIVERY BONDS AND AFFIRMS EXISTING RATINGS; OUTLOOK CHANGED TO POSITIVE

Posted on: July 22, 2011, 1:41 pm

NEW YORK, Jul 22, 2011 -- Moody's Investors Service has assigned a provisional (P) A1 rating to New Hampshire Turnpikes Series 2012 delayed delivery bonds. The provisional designation will be removed when the bonds settle in January 2012. Moody's is also affirming the A1 rating on approximately $347 million in parity debt outstanding. Following the settlement and refunding the turnpike will have $360.7 million in rated debt outstanding. Moody's notes that the Turnpike also has $71 million outstanding under a note payable to the state relating to the August 2009 acquisition of a 1.6 mile section of I-95. The note repayment obligations are subordinate to the revenue bonds and are paid from cash on hand. The change in outlook to positive from stable reflects recent strong financial performance of the turnpike and expectations that future financial performance will continue to be above average for the rating category...

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