HARRISBURG PATRIOT-NEWS: Moody’s Investors Service said Wednesday that it downgraded the bonds’ rating from A1 from Aa3.
It says the move reflects the turnpike commission’s need for higher-than-expected annual toll increases and more borrowing because of traffic and revenue growth that is lagging a consultant’s forecasts.
A lower rating could mean higher borrowing costs.
Turnpike chief executive Mark Compton says the decision wasn’t a surprise and is similar to other ratings agencies’ actions. Compton says the agency’s total debt load is now $7.5 billion… (more)
