S&P Global Ratings assigned its 'A+' long-term rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s proposed $1.3 billion (Metropolitan Transportation Authority [MTA] Bridges and Tunnels) Real Estate Transfer Tax Revenue Bonds, Series 2025A (TBTA Capital Lockbox Fund). The outlook is stable. Pledged revenues derived from real estate transfer taxes (RETT) levied on the conveyance of certain residential and non-residential real property in New York City and deposited into the central business district (CBD) tolling capital lockbox fund secure the series 2025A bonds. Pursuant to the 2019 authorizing legislation, a 0.25% additional base RETT applies to each residential real property (which consists of one-, two-, and three-family houses, individual condominium units, and cooperative apartment units) in the city valued
