Summary: Triborough Bridge&Tunnel Authority, New York; Sales Tax

S&P Global Ratings assigned its 'AA+' long-term rating to the Triborough Bridge&Tunnel Authority (TBTA), N.Y.'s approximately $700 million series 2022A (MTA Bridges and Tunnels) sales tax revenue bonds (TBTA Capital Lockbox – City Sales Tax). The outlook is stable. The bonds are secured by pledged revenue consisting of a statutory allocation withheld from New York City's total sales tax collections. In state fiscal year 2022 (ended March 31), the statutory allocation equaled $171.1 million and will increase 1% annually. Pledged revenue becomes subject to a statutory lien immediately when transferred from the state comptroller to the central business district tolling program (CBDTP) lockbox. The state comptroller transfers to the lockbox equal monthly installments of pledged revenue, which are

...S&P Global Ratings assigned its '##+' long-term rating to the Triborough Bridge & Tunnel Authority (TBTA), N.Y.'s approximately $700 million series 2022A (MTA Bridges and Tunnels) sales tax revenue bonds (TBTA Capital Lockbox ¡ City Sales Tax). The outlook is stable. The bonds are secured by pledged revenue consisting of a statutory allocation withheld from New York City's total sales tax collections. In state fiscal year 2022 (ended March 31), the statutory allocation equaled $171.1 million and will increase 1% annually. Pledged revenue becomes subject to a statutory lien immediately when transferred from the state comptroller to the central business district tolling program (CBDTP) lockbox. The state comptroller transfers to the lockbox equal monthly installments of pledged revenue, which are not subject to appropriation. Bond proceeds will fund a portion of the Metropolitan Transportation Authority's (MTA) 2020 to 2024 (and subsequent) capital programs as authorized by the Traffic Mobility...

Summary