MOODY’S UPGRADES BOND RATING FOR NEW JERSEY TURNPIKE AUTHORITY

Moody’s Investors Service has upgraded to A2 from A3 the New Jersey Turnpike Authority’s (NJTA) revenue bonds. The rating outlook is stable. The upgrade is based on Moody’s expectation that the NJTA will continue to deliver the 2009 to 2018 capital program projects on time and within budget. The upgrade also recognizes the approval of agreements with the state that reduce NJTA contributions to the state compared to the previous five-year agreement.