Bulletin: Triborough Bridge and Tunnel Authority, NY Ratings Currently Unaffected By Lawsuit Challenging Toll Violation Practices

NEW YORK (S&P Global Ratings) Feb. 22, 2018--S&P Global Ratings today said its ratings on Triborough Bridge and Tunnel Authority (TBTA; AA-/Stable general revenue bond rating and A+/Stable subordinate revenue bond rating) are unaffected following a lawsuit being filed in Manhattan federal court Feb. 16 challenging the Metropolitan Transportation Authority's and TBTA's toll violation practices. We do not expect any near term downward rating pressure on the TBTA at this time because resolving lawsuits is typically a lengthy process. However, we believe there might be long-term credit rating implications if the lawsuit's result limits the authority's rate-setting flexibility, producing financial performance we consider materially weaker and consistent with that of a lower rating. We will closely monitor this development.

...NEW YORK (S&P Global Ratings) Feb. 22, 2018--S&P Global Ratings today said its ratings on Triborough Bridge and Tunnel Authority (TBTA; ##-/Stable general revenue bond rating and A+/Stable subordinate revenue bond rating) are unaffected following a lawsuit being filed in Manhattan federal court Feb. 16 challenging the Metropolitan Transportation Authority's and TBTA's toll violation practices. We do not expect any near term downward rating pressure on the TBTA at this time because resolving lawsuits is typically a lengthy process. However, we believe there might be long-term credit rating implications if the lawsuit's result limits the authority's rate-setting flexibility, producing financial performance we consider materially weaker and consistent with that of a lower rating. We will closely monitor this development. Only a rating committee may determine a rating action and this report does not constitute a rating action....

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