S&P Global Ratings assigned its 'SP-1+' short-term rating to the Triborough Bridge and Tunnel Authority (TBTA; MTA Bridges and Tunnels), N.Y.'s estimated $400 million series 2025A payroll mobility tax (PMT) bond anticipation notes (BANs). We also affirmed our 'AA+' long-term and underlying rating on the TBTA's senior-lien PMT bonds outstanding and our 'SP-1+' short-term rating on authority's BANs outstanding. The outlook is stable. The BANs and the bonds are secured by pledged revenue consisting of PMT and aid trust account (ATA) revenue. 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 its specified accounts. PMT revenue consists of a 0.34% employer mobility
