Toll Innovation Award

For the second time in four years, the Pennsylvania Turnpike Commission (PTC) has received a Toll Innovation award from the International Bridge, Tunnel and Turnpike Association. (IBTTA). The award was presented to the Commission for its communication and relationship strategies with rating agencies resulting in upgrades to the Commission’s credit ratings. The upgrades will benefit the PTC by significantly reducing the Commission’s capital borrowing costs.

Blair Fishburn, Deputy Executive Director for Finance and Administration and John Brenner, Treasury Manager, accepted the award on behalf of the Commission, at IBTTA’s annual meeting, held in Houston, TX, last fall. Both received special recognition for the roles they played in acquiring the higher credit ratings.

Fishburn said, "We are thrilled with the recognition by the toll industry’s global membership of our business management accomplishments and our higher-quality credit ratings. It’s a true honor for the Pennsylvania Turnpike to receive the Toll Innovation Award which we believe reflects the merit of our business practices and the achievements of all our employees."

Last spring, all three of the major rating agencies upgraded the Turnpike’s bond ratings as follows: Standard & Poor’s upgraded its rating on the Turnpike’s revenue bonds two levels to "AA-" from "A"; Moody’s raised its rating from "A1" to Aa3" and Fitch IBCA gave the Turnpike its highest toll road rating of "AA-."

The ratings agencies cited the Turnpike’s historically strong financial position and its strategic location as an integral part of the U. S. interstate system as key factors in determining their ratings. The Commission’s adoption of a ten-year capital improvements program, fully funded from existing revenue sources without any projected toll increase also played a significant role in the bond rating upgrades as well as the Turnpike’s demonstration of solid growth in terms of toll revenue and traffic volumes.

Four years ago in 1994, the Commission was similarly recognized by IBTTA for the Turnpike’s development and installation of SNAP. The Sonic Nap Alert Pattern is an innovative type of shoulder rumble strip, producing a distinct warning sound and vibration when drowsy or inattentive drivers drift and cross the pattern along the shoulder of the roadway. Studies and research have shown that the rumble strips are effective in preventing drift-off-road crashes. Several other states including New York, New Jersey, Indiana and Massachusetts have installed the SNAP rumble strips on their highways.