Maine Turnpike Authority bonds AA-, stable outlook

PORTLAND, Maine (AP) -- The Maine Turnpike Authority says the toll road's bond rating reflects confidence in the turnpike's oversight and management of costs..

Fitch Ratings affirmed the AA- rating with a stable outlook.

Turnpike Executive Director Peter Mills said Monday that the operating budget for 2013 was cut by 11% and will be reduced by 4% more for 2014.

The turnpike authority says that although no future toll increases are planned right now, its ability to leverage capital with periodic increases to produce appropriate debt service coverage levels was a factor to support the current rating.

But the turnpike authority said expanding financial assistance to the Maine Department of Transportation could harm the authority's credit.