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

S&P Global Ratings has assigned its 'AA-' long-term rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s pro forma $351.93 million series 2018A general revenue bonds. The outlook is stable. At the same time, S&P Global Ratings assigned its 'AA+/A-1' ratings and 'AA-' underlying rating (SPUR) to the TBTA's $122.64 million subseries 2003B-1 general revenue variable rate bonds; and its 'AA+/A-1' ratings and 'AA-' SPUR to the authority's $190.3 million subseries 2005B-2 general revenue variable rate bonds. The ratings' long-term component on the 2003B-1 and 2005B-2 bonds reflects the application of our joint criteria, assuming low correlation between the 'AA-' SPUR on the TBTA's general revenue bonds and direct-pay letters of credit (LOC), provided by Bank of America N.A.

...S&P Global Ratings has assigned its '##-' long-term rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s pro forma $351.93 million series 2018A general revenue bonds. The outlook is stable. At the same time, S&P Global Ratings assigned its '##+/A-1' ratings and '##-' underlying rating (SPUR) to the TBTA's $122.64 million subseries 2003B-1 general revenue variable rate bonds; and its '##+/A-1' ratings and '##-' SPUR to the authority's $190.3 million subseries 2005B-2 general revenue variable rate bonds. The ratings' long-term component on the 2003B-1 and 2005B-2 bonds reflects the application of our joint criteria, assuming low correlation between the '##-' SPUR on the TBTA's general revenue bonds and direct-pay letters of credit (LOC), provided by Bank of America N.A. (A+/Stable/A-1) for the subseries 2003B-1, and by Citibank N.A. (A+/Stable/A-1) for the subseries 2005B-2. The ratings' short-term component reflects solely the short-term counterparty rating on the LOC provider....

Summary