Summary: Triborough Bridge and Tunnel Authority, New York; Joint Criteria

S&P Global Ratings assigned its 'AA+/A-1' ratings and 'AA-' underlying rating (SPUR) to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s $163 million series 2002F general revenue variable-rate refunding bonds. The outlook on the SPUR is stable. This action reflects the Oct. 30, 2018, replacement of the existing letter of credit (LOC) provided by Landesbank Hessen-Thuringen Girozentrale, with a new LOC provided by Citibank N.A. We base the rating's long-term component jointly (assuming low correlation) on the long-term ratings on the LOC provider, Citibank N.A. (A+/Stable/A-1), and the underlying rating (SPUR) obligor, TBTA (AA-). The rating's short-term component reflects the short-term rating on the LOC provider, Citibank N.A. Pursuant to the bond documents, the trustee first pays principal or interest

...S&P Global Ratings assigned its '##+/A-1' ratings and '##-' underlying rating (SPUR) to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s $163 million series 2002F general revenue variable-rate refunding bonds. The outlook on the SPUR is stable. This action reflects the Oct. 30, 2018, replacement of the existing letter of credit (LOC) provided by Landesbank Hessen-Thuringen Girozentrale, with a new LOC provided by Citibank N.A. We base the rating's long-term component jointly (assuming low correlation) on the long-term ratings on the LOC provider, Citibank N.A. (A+/Stable/A-1), and the underlying rating (SPUR) obligor, TBTA (##-). The rating's short-term component reflects the short-term rating on the LOC provider, Citibank N.A. Pursuant to the bond documents, the trustee first pays principal or interest from amounts received from draws made on the LOC. If the trustee has not received the necessary funds from the LOC provider, the trustee makes the payments from TBTA-provided funds....

Summary