Triborough Bridge&Tunnel Authority, NY Series 2022 B PMT Bonds Assigned 'AA+' Rating

DALLAS (S&P Global Ratings) March 22, 2022--S&P Global Ratings assigned its 'AA+' long-term rating to the Triborough Bridge&Tunnel Authority (TBTA), N.Y.'s approximately $1 billion series 2022 B payroll mobility tax (PMT) (MTA Bridges and Tunnels) senior-lien bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the parity senior-lien debt outstanding. The outlook is stable. "The underlying rating on the PMT bonds is based on our 'Priority-Lien Tax Revenue Debt' criteria, which take into account both the strength and stability of the pledged revenues, as well as the general credit quality of the obligor where taxes are distributed and/or collected, in this case, the State of New York (general obligation [GO] rating: 'AA+/Stable')," said S&P

...March 22, 2022 DALLAS (S&P Global Ratings) March 22, 2022--S&P Global Ratings assigned its '##+' long-term rating to the Triborough Bridge & Tunnel Authority (TBTA), N.Y.'s approximately $1 billion series 2022 B payroll mobility tax (PMT) (MTA Bridges and Tunnels) senior-lien bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on the parity senior-lien debt outstanding. The outlook is stable. "The underlying rating on the PMT bonds is based on our 'Priority-Lien Tax Revenue Debt' criteria, which take into account both the strength and stability of the pledged revenues, as well as the general credit quality of the obligor where taxes are distributed and/or collected, in this case, the State of New York (general obligation [GO] rating: '##+/Stable')," said S&P Global Ratings credit analyst Ladunni Okolo. The criteria were published Oct. 22, 2018, on RatingsDirect. However, our view of the MTA, as a component unit of the state, with limited expenditure flexibility, expansive...

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