Puerto Rico Highways & Transportation Authority (PRHTA)

Website: http://www.dtop.gov.pr/carretera/index.asp

Credit Ratings

	Moody's	Standard & Poor's
Highway Revenue Bonds*	Baa2/Stable	A-/Stable
Transportation Revenue Bonds*	Baa3/Negative	BBB+/Stable
Moody's - June 10, 2009 Moody's - May 6, 2009 Standard & Poor's - March 2, 2009 Standard & Poor's - February 27, 2009 Moody's - February 20, 2009

Security

Highway Revenue Bonds are payable from gross revenues derived from Government of Puerto Rico gasoline and other fuel taxes, highway tolls, and certain license fees. Pledged taxes must be used to provide for debt service on the Government's general obligations and guaranteed debt if and to the extent that other Government revenues are insufficient for such purpose. However, such other revenues have always been sufficient. The Authority is required to accumulate and main­tain a debt service reserve equal to the lesser of the maximum annual debt service on its Highway Revenue Bonds or 10 percent of the principal amount of the bonds outstanding.

Transportation Revenue Bonds are payable out of the excess proceeds after payment of Highway Revenue Bonds plus proceeds derived from a Excise Tax on certain petroleum products up to $120 million per year, in addition to any toll revenues on the Authority's traffic facilities that were not financed with Highway Revenue Bonds.

Functions

The Authority is responsible for the construction, operation and maintenance of Puerto Rico's toll road network, major highways and mass transportation facilities. Revenue Bonds, federal grants and specified tax revenues (after debt service) pro­vide the bulk of financing for the construction of these facilities.

Fiscal Agent Under the Bond Resolution:
The Bank of New York
New York, NY

Financial Statements audited by:
HLB Morales, Padillo & Co.

Traffic Engineers:
Roy Jorgensen Association, Inc.

* Excluding Special Facility Revenue Bonds issued to finance the San Juan Lagoon Bridge, payable from toll receipts for the use of the bridge.