...S&P Global Ratings assigned its '##+' long-term rating to the Triborough Bridge & Tunnel Authority (TBTA), N.Y.'s approximately $1 billion series 2022 B payroll mobility tax (PMT) (MTA Bridges and Tunnels) senior-lien bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on the parity senior-lien debt 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....
