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 $148.47 million series 2018E (federally taxable) general revenue variable-rate refunding bonds. The outlook on the SPUR is stable. The series 2018E bond proceeds, together with other available TBTA funds, will refund the authority's subordinate revenue bonds, subseries 2013D-2a and 2013D-2b. The rating's long-term component reflects our view of the joint support provided by Bank of America N.A. (A+/Stable/A-1), in the form of an irrevocable direct-pay letter of credit (LOC) and the SPUR on TBTA, the obligor, assuming a low correlation level between the LOC provider and obligor. We base the rating's short-term component solely on the short-term rating on

...S&P Global Ratings assigned its '##+/A-1' ratings and '##-' underlying rating (SPUR) to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s $148.47 million series 2018E (federally taxable) general revenue variable-rate refunding bonds. The outlook on the SPUR is stable. The series 2018E bond proceeds, together with other available TBTA funds, will refund the authority's subordinate revenue bonds, subseries 2013D-2a and 2013D-2b. The rating's long-term component reflects our view of the joint support provided by Bank of America N.A. (A+/Stable/A-1), in the form of an irrevocable direct-pay letter of credit (LOC) and the SPUR on TBTA, the obligor, assuming a low correlation level between the LOC provider and obligor. We base the rating's short-term component solely on the short-term rating on the bank. The rating's long-term component incorporates our expectation of full and timely interest and principal payments when the bondholders have not exercised the put option. The short-term...

Summary