S&P cuts North Texas Tollway revenue bonds to A-

Standard & Poor's said it lowered its rating and underlying rating to A- from A on North Texas Tollway Authority's $1.4 billion of outstanding revenue bonds, and it removed the bonds from its negative watch.

The outlook is stable.

At the same time, S&P assigned its A- rating with stable outlook to the authority's $2.8 billion of series 2008 A-F bonds.

The rating incorporates the authority's plan to issue an additional $2.1 billion in debt to complete the take-out of its $3.5 billion of series 2007 bond anticipation notes.

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