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

S&P Global Ratings assigned its 'AAA/A-1+' ratings and 'AA-' underlying rating (SPUR) to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s $82.5 million subseries 2005B-4c general revenue variable-rate refunding bonds. The outlook on the SPUR is stable. This action reflects the Nov. 28, 2018 consolidation and re-designation of the subseries 2005B-4c and 2005B-4d bonds to the subseries 2005B-4c bonds; and conversion to a daily mode from a term rate mode. The TBTA will also obtain an irrevocable direct-pay letter of credit (LOC) issued by U.S. Bank N.A. to support the payment of principal and interest on the subseries 2005B-4c bonds. The long-term component of the rating for subseries 2005B-4c reflects our view of the joint support provided by U.S. Bank

...S&P Global Ratings assigned its '###/A-1+' ratings and '##-' underlying rating (SPUR) to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s $82.5 million subseries 2005B-4c general revenue variable-rate refunding bonds. The outlook on the SPUR is stable. This action reflects the Nov. 28, 2018 consolidation and re-designation of the subseries 2005B-4c and 2005B-4d bonds to the subseries 2005B-4c bonds; and conversion to a daily mode from a term rate mode. The TBTA will also obtain an irrevocable direct-pay letter of credit (LOC) issued by U.S. Bank N.A. to support the payment of principal and interest on the subseries 2005B-4c bonds. The long-term component of the rating for subseries 2005B-4c reflects our view of the joint support provided by U.S. Bank N.A. (##-/A-1+), in the form of an irrevocable direct-pay LOC and the underlying rating (SPUR) on TBTA (##-), the obligor, assuming a low correlation level between the LOC provider and obligor. The short-term component of the rating...

Summary