Summary: Triborough Bridge&Tunnel Authority, New York; Letter of Credit

Standard&Poor's Ratings Services lowered its rating on Triborough Bridge&Tunnel Authority, N.Y.'s series 2003B-1 general revenue variable-rate bonds to 'A/A-1' from 'AA-/A-1+'. At the same time, Standard&Poor's affirmed its 'AA-/A-1+' rating on the authority's series 2003B-3 general revenue variable-rate bonds. These actions reflect new letters of credit (LOCs) provided by PNC Bank N.A. for the 2003B-1 bonds and Wells Fargo Bank N.A. for the 2003B-3 bonds, substituting for previous LOCs provided by California Public Employees' Retirement System and U.S. Bank N.A., respectively. The long- and short-term components of the ratings on the 2003B-1 and 2003B-3 bonds reflect the long- and short-term ratings on PNC Bank and Wells Fargo Bank, respectively. Simultaneously with the substitution, the

...Standard & Poor's Ratings Services lowered its rating on Triborough Bridge & Tunnel Authority, N.Y.'s series 2003B-1 general revenue variable-rate bonds to 'A/A-1' from '##-/A-1+'. At the same time, Standard & Poor's affirmed its '##-/A-1+' rating on the authority's series 2003B-3 general revenue variable-rate bonds. These actions reflect new letters of credit (LOCs) provided by PNC Bank N.A. for the 2003B-1 bonds and Wells Fargo Bank N.A. for the 2003B-3 bonds, substituting for previous LOCs provided by California Public Employees' Retirement System and U.S. Bank N.A., respectively. The long- and short-term components of the ratings on the 2003B-1 and 2003B-3 bonds reflect the long- and short-term ratings on PNC Bank and Wells Fargo Bank, respectively. Simultaneously with the substitution, the authority intends to appoint PNC Capital Markets LLC as the remarketing agent for the series 2003B-1 bonds, replacing Citigroup Global Markets Inc. It also plans to appoint Wells Fargo Securities...

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