The ‘AA-‘ and ‘A’ ratings on PTC’s oil franchise tax senior and subordinate lien revenue bonds reflect Fitch’s expectations for declining long-term pledged revenue growth prospects due to the commonwealth’s declining trend in fuel consumption. Following the current sale, Fitch expects debt service coverage to be modestly above the ABT for both liens, but declines in pledged revenue over time may gradually reduce coverage.
Fri 15 Aug, 2025 – 9:39 AM ET