Standard&Poor's Ratings Services has raised its rating on Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s series 2001C general revenue variable-rate bonds to 'AAA/A-1' from 'AA-/A-1'. At the same time, Standard&Poor's assigned its 'AA-' underlying rating (SPUR) to the bonds. The outlook is stable. The upgrade reflects our assessment of the change in structure to a direct-pay letter of credit (LOC) from an uninsured liquidity structure. We now base the rating's long-term and short-term components on the LOC from Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/Stable/A-1) and our application of the low correlation joint criteria is based on our 'AA-' SPUR on the authority. Previously, we based the rating's long-term component on that of the obligor and the
