S&P Global Ratings assigned its 'AA+' long-term rating to the Triborough Bridge&Tunnel Authority (TBTA), N.Y.'s series 2024C payroll mobility tax (PMT) senior-lien refunding green bonds. The outlook is stable. The 2024C bonds are secured by pledged revenue consisting of PMT and aid trust account (ATA) revenue. This pledged revenue becomes subject to a statutory lien immediately when transferred from the state comptroller (who transfers the revenue) to the Metropolitan Transportation Authority (MTA) into its specified accounts. PMT revenue consists of a 0.34% employer mobility tax collected from private- and public-sector employers within the Metropolitan Commuter Transportation District (MCTD; excluding federal, international, and interstate employees and certain public school employees). ATA revenue consists of various fees within the district.
