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

S&P Global Ratings has assigned its 'AA-' rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s general revenue variable-rate, $125 million, series 2018D secured overnight financing rate (SOFR) tender notes. The outlook is stable. Bond proceeds will finance bridge and tunnel projects in the Metropolitan Transportation Authority?s (MTA) bridges and tunnels approved capital program; and pay some financing, legal, and miscellaneous expenses. The bonds will bear interest in the term rate mode at a variable rate equal to 67% of SOFR plus a spread. 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 2018D, until the proposed bonds are remarketed. The 'AA-'

...S&P Global Ratings has assigned its '##-' rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s general revenue variable-rate, $125 million, series 2018D secured overnight financing rate (SOFR) tender notes. The outlook is stable. Bond proceeds will finance bridge and tunnel projects in the Metropolitan Transportation Authority's (MTA) bridges and tunnels approved capital program; and pay some financing, legal, and miscellaneous expenses. The bonds will bear interest in the term rate mode at a variable rate equal to 67% of SOFR plus a spread. 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 2018D, 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 as the provider of a large and diverse seven-bridge-and-two-tunnel...

Summary