Fitch to Affirm North Texas Tollway Authority Series A CP Notes at 'F1+'.

NEW YORK -- Effective Jan. 3, 2005, Fitch Ratings will affirm the 'F1+' rating assigned to the North Texas Tollway Authority, Dallas North Tollway System, commercial paper notes series A (the CP Notes). The CP Notes were initially issued in 2001 and were rated based upon the support of an irrevocable direct-pay letter of credit (LOC) issued by Westdeutsche Landesbank Girozentrale. On Jan. 3, 2005, a substitute LOC, (the Substitute LOC) provided by Bank of America, N.A. will become effective, resulting in the affirmation of the 'F1+' rating.

Bear Stearns & Co. Inc. and Lehman Brothers are the dealers for the notes.

The Substitute LOC covers the principal amount of $100,000,000 and interest coverage in the amount of $11,095,890, which represents 270 days of interest at a maximum assumed interest rate of 15% per annum based on a 365-day year. Interest coverage is calculated on the same basis as the original LOC.

The rating on the CP Notes will expire on the earliest to occur of:

-- Jan. 2, 2006, the 'Stated Termination Date' of the Substitute LOC or the date to which it is extended;

-- the date on which a substitute liquidity facility or an alternate letter of credit issued in substitution for the Substitute LOC becomes effective; or

-- any prior termination of the Substitute LOC.