Summary: Triborough Bridge&Tunnel Authority, New York; Joint Criteria; Toll Roads Bridges

Standard&Poor's Ratings Services raised its rating to 'AAA/A-1' from 'AA-/A-1' on Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s series 2005B-3 general revenue variable-rate bonds. At the same time, Standard&Poor's assigned its 'AA-' underlying rating (SPUR) to the bonds. The upgrade reflects the change in structure to a direct-pay letter of credit (LOC) from an uninsured liquidity structure. The long-term and short-term components of the rating will now be based on the LOC provided by Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/A-1) and our application of the low correlation joint criteria is based on our 'AA-' SPUR on the authority. Previously, we based the long-term component of the rating on the rating of the obligor and based the

...Standard & Poor's Ratings Services raised its rating to '###/A-1' from '##-/A-1' on Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s series 2005B-3 general revenue variable-rate bonds. At the same time, Standard & Poor's assigned its '##-' underlying rating (SPUR) to the bonds. The upgrade reflects the change in structure to a direct-pay letter of credit (LOC) from an uninsured liquidity structure. The long-term and short-term components of the rating will now be based on the LOC provided by Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/A-1) and our application of the low correlation joint criteria is based on our '##-' SPUR on the authority. Previously, we based the long-term component of the rating on the rating of the obligor and based the short-term component of the rating on a liquidity facility in the form of a standby bond purchase agreement provided by Bank of America N.A. (A/A-1). Following the change to a joint structure, the trustee is instructed to pay debt service first from money...

Summary