NEW YORK, Jul 19, 2010 -- Moody's Investors Service has assigned Aaa
ratings to the Texas Transportation Commission's $115.5 million State
Highway Fund First Tier Revenue Bonds, Series 2010A and $1.4 billion
Taxable Series 2010B (Build America Bonds-Direct Payment) expected to
price on July 27. Concurrently, we have affirmed the Aaa ratings
assigned to $2.7 billion of outstanding parity bonds, and the A1 rating
assigned to $233 million of outstanding pass-through toll transportation
revenue bonds issued by the Camino Real Regional Mobility Authority. The
highest quality rating reflects the strong debt service coverage
provided by a pledged revenue stream that includes both state and
federal funds; Texas' favorable economic and demographic trends,
especially related to motor vehicle use; a bond resolution leverage
constraint that provides good bondholder protections but that is diluted
by the inclusion of federal funds, buttressed by a stricter leverage
constraint set in statute; and constitutional dedication and
appropriation of the pledged revenue stream. The outlook is stable...