Moody’s Investors Service Wednesday downgraded $2.68 billion of subordinate Pennsylvania Turnpike Commission bonds to A3 from A2 and assigned a negative outlook to the credit.

The rating change is due to expected future bond issuance that could force the turnpike to reduce operating costs and-or cut capital investment in order to maintain its debt-service ratios. The PTC sells debt to finance the capital needs of its 535-mile toll road, and to also make annual payments to the Pennsylvania Department of Transportation. Lawmakers crafted that arrangement under Act 44.

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