Summary: Triborough Bridge&Tunnel Authority, New York; Toll Roads Bridges

S&P Global Ratings assigned its 'AA-' long-term rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s pro forma $400 million general revenue bonds, series 2021A. The outlook is negative. The series 2021A bond proceeds will be used to finance bridge and tunnel projects as part of the TBTA's approved capital programs. The authority's net system revenues secure the 2021A bonds and all bonds outstanding. System facilities include the Robert F. Kennedy Bridge (formerly the Triborough Bridge), the Verrazzano-Narrows Bridge, the Bronx Whitestone Bridge, the Throgs Neck Bridge, the Henry Hudson Bridge, the Marine Parkway Gil Hodges Memorial Bridge, the Cross Bay Veterans Memorial Bridge, the Brooklyn Battery Tunnel, and the Queens Midtown Tunnel. Post-issuance, the TBTA will have a

...S&P Global Ratings assigned its '##-' long-term rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s pro forma $400 million general revenue bonds, series 2021A. The outlook is negative. The series 2021A bond proceeds will be used to finance bridge and tunnel projects as part of the TBTA's approved capital programs. The authority's net system revenues secure the 2021A bonds and all bonds outstanding. System facilities include the Robert F. Kennedy Bridge (formerly the Triborough Bridge), the Verrazzano-Narrows Bridge, the Bronx Whitestone Bridge, the Throgs Neck Bridge, the Henry Hudson Bridge, the Marine Parkway Gil Hodges Memorial Bridge, the Cross Bay Veterans Memorial Bridge, the Brooklyn Battery Tunnel, and the Queens Midtown Tunnel. Post-issuance, the TBTA will have a consolidated, all-inclusive debt position of $9.3 billion. None of TBTA's debt obligations benefit from a debt service reserve fund. However, as of Feb. 28, 2021, the TBTA had unrestricted reserves equaling...

Summary