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

S&P Global Ratings assigned its 'AA-' long-term rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s remarketed general revenue refunding bonds, $110.61 million series 2002F; and the TBTA's remarketed general revenue bonds, $52.635 million subseries 2008B-2. The bonds will be remarketed on Oct. 27, 2021 (the mandatory tender date). The bonds will be subject to mandatory tender at a purchase price equal to the principal amounts, and TBTA will convert the 2002F and 2008B-2 bonds to fixed rate mode. In case of a failed remarketing, the interest rates will increase to 9% for the series 2002F and subseries 2008B-2, until the proposed bonds are successfully remarketed. The outlook is stable. At the same time, S&P Global Ratings affirmed the

...S&P Global Ratings assigned its '##-' long-term rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s remarketed general revenue refunding bonds, $110.61 million series 2002F; and the TBTA's remarketed general revenue bonds, $52.635 million subseries 2008B-2. The bonds will be remarketed on Oct. 27, 2021 (the mandatory tender date). The bonds will be subject to mandatory tender at a purchase price equal to the principal amounts, and TBTA will convert the 2002F and 2008B-2 bonds to fixed rate mode. In case of a failed remarketing, the interest rates will increase to 9% for the series 2002F and subseries 2008B-2, until the proposed bonds are successfully remarketed. The outlook is stable. At the same time, S&P Global Ratings affirmed the following ratings: + '##-' long-term rating and underlying rating (SPUR) on the authority's general revenue bonds outstanding; + 'A+' long-term rating and SPUR on the TBTA's subordinate revenue bonds outstanding; + '###/A-1+' rating and '##-'...

Summary