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MOODY'S CONFIRMS 'A' RATING ON NEW JERSEY TURNPIKE AUTHORITY REVENUE BONDS; CITES CRITICAL IMPORTANCE OF ROADWAY AND SATISFACTORY OPERATIONS

 MOODY'S CONFIRMS 'A' RATING ON NEW JERSEY TURNPIKE AUTHORITY REVENUE BONDS; CITES CRITICAL IMPORTANCE OF ROADWAY AND SATISFACTORY OPERATIONS
 NEW YORK, Nov. 20 /PRNewswire/ -- Effective yesterday, Moody's Investors Service confirmed the "A" rating on the New Jersey Turnpike Authority's revenue bonds in conjunction with the planned sale on Nov. 21 of $1.3 billion Series 1991C refunding bonds.
 As currently structured, the authority also plans to sell about $300 million in variable rate Series 1991D refunding bonds, which are to be insured and swapped to a fixed rate.
 In confirming the rating, Moody's noted that: "The turnpike functions as a critical transportation link for both commercial and commuter traffic around the New York metropolitan area and in the New York to Washington travel corridor. Underscoring the importance of this roadway is historically strong growth in traffic, although the recession combined with a large toll increase implemented in March 1991 has contributed to a 6 percent decline in traffic year to date. However, consulting engineers had expected a much steeper decline in traffic when originally projecting the impact of the toll increase in January 1991. Financial operations appear satisfactory in the near term, although an additional 50 percent toll increase is needed in 1995."
 The current issue completes the turnpike's planned refunding of all debt issued under the 1984 resolution. Expected issuance of about $850 million in new money within six months should satisfy the turnpike's capital needs through 1995 and is projected to be manageable.
 -0- 11/20/91
 /CONTACT: Michael Johnston, 212-553-7810, or Marie Pisecki, 212-553-7120, both of Moody's/ CO: New Jersey Turnpike Authority ST: New Jersey IN: SU: RTG


TS-CK -- NY029 -- 5366 11/20/91 11:06 EST
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Publication:PR Newswire
Date:Nov 20, 1991
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