...May 1, 2024 DALLAS (S&P Global Ratings) May 1, 2024--S&P Global Ratings assigned its '##+' long-term rating to the Triborough Bridge & Tunnel Authority (TBTA), N.Y.'s estimated $1.0 billion series 2024B payroll mobility tax (PMT) senior-lien green bonds consisting of subseries 2024B-1, subseries 2024B-2 PMT senior-lien green bonds, and subseries 2024B-3 PMT senior-lien refunding green bonds. The outlook is stable. "The rating reflects our view of the authority's very strong economic fundamentals, very strong coverage and liquidity, and very low volatility," said S&P Global Ratings credit analyst Ladunni Okolo. The 2024B bonds are secured by pledged revenue consisting of PMT and aid trust account (ATA) revenue. This pledged revenue becomes subject to a statutory lien immediately when transferred from the state comptroller (who transfers the revenue) to the Metropolitan Transportation Authority (MTA) into the latter's specified accounts. PMT revenue consists of a 0.34% employer mobility tax...
