S&P Global Ratings assigned its 'SP-1+' short-term rating to the Triborough Bridge&Tunnel Authority (TBTA; MTA Bridges and Tunnels), N.Y's estimated $400 million subseries 2025B-1 payroll mobility tax (PMT) bond anticipation notes (BANs). We also assigned our 'AA+' long-term rating to TBTA 's estimated $400 million subseries 2025B-2 PMT BANs. The outlook on the long term rating is stable. The 2025B BANs are expected to be paid with proceeds of future PMT bonds or notes. The PMT bonds are secured by pledged revenue consisting of PMT and aid trust account (ATA) revenue. This pledged revenue become subject to a statutory lien immediately when transferred from the state comptroller (who transfers the revenue) to the Metropolitan Transportation Authority (MTA) into
