...Rationale: The ratings reflect the essentiality and performance of the bridge and tunnel system, which has a mature and relatively stable traffic base and demonstrated ratemaking flexibility. The system is dependent on revenue growth to support annual transfers to the Metropolitan Transportation Authority (MTA) for transit and commuter rail services, which have left Triborough Bridge and Tunnel Authority (TBTA) with lower liquidity and a dependence on future borrowing to fund a large part of its sizable capital plan. While the significant level of transfers to the MTA could be a risk, all resolution requirements of the authority's system are senior to this transfer. Critical Assets: The bridge and tunnel system provides critical transportation links in the New York metropolitan area and is important to the regional economy, evidenced by its relatively stable traffic growth. Traffic has grown at a 0.37% CAGR since 1970. Demonstrated Toll Increases: The system has a mature and stable traffic...
