S&P Global Ratings assigned its 'AA-' long-term rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s remarketed general revenue variable-rate refunding bonds, $104.7 million Secured Overnight Financing Rate (SOFR) tender notes. The series will be remarketed Feb. 1, 2021 (the mandatory tender date). The outlook is negative. On the mandatory tender date, the TBTA will remarket its general revenue variable-rate refunding bonds, series 2005B-4a. The bonds will be subject to mandatory tender at a purchase price equal to the principal amounts, and TBTA will convert the 2005-4a bonds from the term rate bearing interest at a variable rate equal to the adjusted LIBOR rate to the term rate bearing interest at a variable rate based on the SOFR index.
