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

S&P Global Ratings assigned its 'AA-' rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s remarketed general revenue variable-rate bonds, $107.3 million series 2001B Secured Overnight Financing Rate (SOFR) tender notes. The series will be remarketed Sept. 26, 2018 (the mandatory tender date). The outlook is stable. On the mandatory tender date, the TBTA will remarket its general revenue variable-rate refunding bonds, series 2001B. These bonds will be converted to a term-rate mode from a weekly mode and will be designated as general revenue variable-rate bonds, series 2001B SOFR tender notes. In case of a failed remarketing, there is only a soft put, whereby the interest rates will increase to no higher than 9% for the series 2001B, until

...S&P Global Ratings assigned its '##-' rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s remarketed general revenue variable-rate bonds, $107.3 million series 2001B Secured Overnight Financing Rate (SOFR) tender notes. The series will be remarketed Sept. 26, 2018 (the mandatory tender date). The outlook is stable. On the mandatory tender date, the TBTA will remarket its general revenue variable-rate refunding bonds, series 2001B. These bonds will be converted to a term-rate mode from a weekly mode and will be designated as general revenue variable-rate bonds, series 2001B SOFR tender notes. In case of a failed remarketing, there is only a soft put, whereby the interest rates will increase to no higher than 9% for the series 2001B, until the proposed bonds are remarketed. The '##-' rating reflects the authority's extremely strong enterprise risk profile and strong financial risk profile. Our enterprise risk profile assessment reflects the TBTA's extremely strong market position...

Summary