Summary: Triborough Bridge and Tunnel Authority, New York; Joint Criteria; Note; Toll Roads Bridges

S&P Global Ratings assigned its 'AA-' long-term rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s $500 million 2017C general revenue refunding bonds. The par amount on the bonds is subject to change based on market conditions. The outlook is stable. Bond proceeds will refund some authority bonds outstanding for debt service savings without extending maturities. At the same time, S&P Global Ratings affirmed its 'SP-1+' short-term rating on the TBTA's $400 million 2017A general revenue bond anticipation notes (BAN) with a Feb. 15, 2018, maturity. The short-term rating reflects our long-term rating on the authority's general revenue bonds and what we view as a low market risk profile due to the TBTA's strong authority to take out the

...refunding bonds, subseries 2013D-2a and 2013D-2b. These ratings reflect our application of the low correlation joint criteria based on our 'A+' SPUR on the authority and the ratings on the subseries 2013D-2a and 2013D-2b LOC provider, Bank of America N.A. The rating's short-term component reflects solely the short-term counterparty rating on the LOC provider. The ratings reflect our view of the TBTA's consistently strong historical financial performance and service essentiality, and our expectation that the authority will maintain combined debt service coverage (DSC) at levels adequate for the rating. More specific credit strengths, in our opinion, include the following:...

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