...S&P Global Ratings assigned its '##+' long-term rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s approximately $400 million series 2021B payroll mobility tax (PMT) (MTA Bridges and Tunnels) senior-lien bonds (par amount subject to change), and affirmed its '##+' rating on the authority's series 2021A bonds outstanding. The outlook is stable. The bonds are secured by pledged revenues consisting of PMT and aid trust account (ATA) revenues. These pledged revenues become subject to a statutory lien immediately when transferred from the state comptroller (who transfers the revenue) to the Metropolitan Transportation Authority (MTA) into their specified accounts. PMT revenues consist 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 revenues consist of various fees within the district....
