...NEW YORK (S&P Global Ratings) Oct. 24, 2018--S&P Global Ratings assigned its '##+/A-1' ratings and '##-' underlying rating (SPUR) to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s $163 million series 2002F general revenue variable-rate refunding bonds. The outlook on the SPUR is stable. This action reflects the Oct. 30, 2018, replacement of the existing letter of credit (LOC) provided by Landesbank Hessen-Thuringen Girozentrale, with a new LOC provided by Citibank N.A. 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 system (no one facility accounts for more than 23% of toll revenues) within the very congested and highly populated New York metropolitan area, providing it with good pricing power. Our financial risk profile assessment reflects the authority's strong financial performance due to its strong rate-setting flexibility, evidenced by a long history of increasing...
