Triborough Bridge&Tunnel Authority, NY's Pro Forma $700 Million General Revenue, Revenue Refunding Bonds Rated 'AA-'

SAN FRANCISCO (S&P Global Ratings) Aug. 8, 2024--S&P Global Ratings assigned its 'AA-' long-term rating to the Triborough Bridge&Tunnel Authority (TBTA), N.Y.'s pro forma $300 million general revenue bonds, subseries 2024A-1, and pro forma $400 million general revenue refunding bonds, subseries 2024A-2. The outlook is stable. "The 'AA-' rating reflects the authority's role as a provider of a large and diverse seven-bridge-and-two-tunnel system within the very congested and highly populated New York City metropolitan statistical area, giving it good pricing power," said S&P Global Ratings credit analyst Kevin Archer. "The rating also reflects TBTA's good revenue performance based on frequent toll rate increases and generally favorable traffic trends." The stable outlook reflects our expectation that TBTA will increase

...August 8, 2024 SAN FRANCISCO (S&P Global Ratings) Aug. 8, 2024--S&P Global Ratings assigned its '##-' long-term rating to the Triborough Bridge & Tunnel Authority (TBTA), N.Y.'s pro forma $300 million general revenue bonds, subseries 2024A-1, and pro forma $400 million general revenue refunding bonds, subseries 2024A-2. The outlook is stable. "The '##-' rating reflects the authority's role as a provider of a large and diverse seven-bridge-and-two-tunnel system within the very congested and highly populated New York City metropolitan statistical area, giving it good pricing power," said S&P Global Ratings credit analyst Kevin Archer. "The rating also reflects TBTA's good revenue performance based on frequent toll rate increases and generally favorable traffic trends." The stable outlook reflects our expectation that TBTA will increase toll rates as needed to maintain steady financial results should traffic volumes decline materially lower than forecast. We could lower the rating during the...

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