Moody’s Investors Service has assigned a provisional A1 rating to the New Hampshire Turnpike’s 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 $347 million of parity debt outstanding.
Following the settlement and refunding, the Turnpike will have $360.7 million of rated debt outstanding.
Moody’s noted 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.