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

Standard&Poor's Ratings Services has assigned its 'AAA/A-1' ratings to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s $58.02 million subseries 2013D-2a (federally taxable) and $90.45 million 2013D-2b (federally taxable) subordinate revenue refunding bonds. At the same time, Standard&Poor's assigned its 'A+' underlying rating (SPUR) to the bonds. The outlook is stable. The rating's long-term component reflects the application of our joint criteria, assuming low-correlation between the 'A+' SPUR on the TBTA's subordinate revenue bonds and a direct-pay letter of credit (LOC) provided by Bank of America N.A. (A/Watch Pos/A-1). The rating's short-term component reflects solely the short-term counterparty rating on the LOC provider. The interest mode on the remarketed bonds will change to the weekly interest

...Standard & Poor's Ratings Services has assigned its '###/A-1' ratings to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s $58.02 million subseries 2013D-2a (federally taxable) and $90.45 million 2013D-2b (federally taxable) subordinate revenue refunding bonds. At the same time, Standard & Poor's assigned its 'A+' underlying rating (SPUR) to the bonds. The outlook is stable. The rating's long-term component reflects the application of our joint criteria, assuming low-correlation between the 'A+' SPUR on the TBTA's subordinate revenue bonds and a direct-pay letter of credit (LOC) provided by Bank of America N.A. (A/Watch Pos/A-1). The rating's short-term component reflects solely the short-term counterparty rating on the LOC provider. The interest mode on the remarketed bonds will change to the weekly interest mode from the term rate interest mode. We understand that the effective date of the new LOC is Dec. 17, 2015, which is also the interest mode conversion date. The new LOC includes...

Summary