OREANDA-NEWS. S&P Global Ratings affirmed its 'AA+' long-term rating on the North Texas Tollway Authority's (NTTA, or the authority) special projects system revenue bonds, series 2011A-E. In addition, we affirmed our 'AA+' long-term rating on the authority's U. S. Department of Transportation-secured Transportation Infrastructure Finance and Innovation Act loan. The outlook is stable.

"The 'AA+' ratings reflect our view of low risk of nonappropriation by the legislature, the Texas Department of Transportation's (TxDOT) commitment to provide toll equity loans to NTTA, strong performance covenants and financial monitoring mechanisms in the toll equity loan agreement, and NTTA's proven track record of successfully managing similar projects," said S&P Global Ratings credit analyst Nora Wittstruck.

The stable outlook reflects our expectation of continued legislative support for TxDOT's commitments under its various toll equity and pass-through programs in general, and the TELA's supporting the SPS obligations in particular.