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Texas Trans. Comm.-Central TX Tpke. Sys., TX -- Moody's affirms Texas Transportation Commission - Central Texas Turnpike System's A3 first tier and Baa1 second tier ratings; outlook is stable

Moody's Investors Service has affirmed the A3 on Texas Transportation Commission - Central Texas Turnpike System's approximately $1.60 billion first tier revenue bonds and the Baa1 on the approximately $1.16 billion second tier revenue bonds. The affirmation of the A3 first tier and Baa1 second tier ratings is based on the continued strong traffic growth on the system's roads, moderate total debt service coverage ratios that Moody's expects to remain around 1.4x over the next three years, and no expectation of additional debt to fund the system's expansion projects. The affirmation also reflects actions by the Texas Transportation Commission to committhe TxTag customer service center and interoperability fee revenues to CTTS going forward, which mitigates the loss of some administrative fee revenue subsequent to state legislation that limits such fee.