Press Release

Fitch Ratings - New York - 11 May 2023: Fitch Ratings has upgraded the Commonwealth of Kentucky's (the commonwealth) Long-Term Issuer Default Rating (IDR) to 'AA' from 'AA-' and has likewise upgraded the ratings on Kentucky's annual appropriation-backed debt and other commonwealth IDR-linked debt by one notch to 'AA-' from 'A+'.

The Rating Outlook is Stable.

In conjunction with the upgrade of the commonwealth's IDR, Fitch has upgraded the ratings as noted below on various credits linked to the IDR:

--SPBC revenue and revenue refunding bonds, SPBC road fund revenue and revenue refunding bonds, SPBC judicial branch agency fund revenue bonds, Kentucky Turnpike Authority economic development revenue and revenue refunding bonds, Kentucky ALCo general and road fund project and project refunding notes, ALCo general fund first series funding notes, Kentucky Infrastructure Authority 2001 revenue and revenue refunding bonds, and the Lexington-Fayette Urban County Government Public Facilities Corp. lease revenue bonds upgraded to 'AA-' from 'A+';

--SPBC agency fund revenue and revenue refunding bonds, project no. 102, 103, 114 and 116 issued for public universities and based on the intercept of commonwealth higher education aid upgraded to 'AA-' from 'A+';

--SPBC agency fund revenue bonds, project nos. 105 and 113 issued for the Kentucky River Authority upgraded to 'AA-' from 'A+';

--SPBC agency fund revenue bonds, project. no. 97 and project no. 120 issued for its Department of Military Affairs related to the Blue Grass Station project upgraded to 'AA-' from 'A+';

--SPBC agency fund revenue bonds, project no. 104 issued for the Kentucky State Fair Board upgraded to 'AA-' from 'A+';

--Kentucky school aid intercept program upgraded to 'AA-' from 'A+';

--Commonwealth of Kentucky Payment Obligations - Next Generation, PPP counterparty obligations for the Kentucky Wired Project upgraded to 'A+' from 'A'.