Triborough Bridge and Tunnel Authority, NY's 2001C Bonds Upgraded To 'AAA/A-1' On Change In Letter Of Credit Structure

NEW YORK (Standard&Poor's) Aug. 18, 2015--Standard&Poor's Ratings Services has raised its rating on Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s series 2001C general revenue variable-rate bonds to 'AAA/A-1' from 'AA-/A-1'. At the same time, Standard&Poor's assigned its 'AA-' underlying rating (SPUR) to the bonds. Standard&Poor's also affirmed its ratings on authority debt outstanding. The outlook is stable. "The upgrade reflects our assessment of the change in structure to a direct-pay letter of credit from an uninsured liquidity structure," said Standard&Poor's credit analyst Joseph Pezzimenti. We now base the rating's long-term and short-term components on the letter of credit (LOC) from Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/Stable/A-1) and our application of

...NEW YORK (Standard & Poor's) Aug. 18, 2015--Standard & Poor's Ratings Services has raised its rating on Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s series 2001C general revenue variable-rate bonds to '###/A-1' from '##-/A-1'. At the same time, Standard & Poor's assigned its '##-' underlying rating (SPUR) to the bonds. Standard & Poor's also affirmed its ratings on authority debt outstanding. The outlook is stable. "The upgrade reflects our assessment of the change in structure to a direct-pay letter of credit from an uninsured liquidity structure," said Standard & Poor's credit analyst Joseph Pezzimenti. We now base the rating's long-term and short-term components on the letter of credit (LOC) from Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/Stable/A-1) and our application of the low correlation joint criteria is based on our '##-' SPUR on the authority. Previously, we based the rating's long-term component on that of the obligor and the short-term component on a liquidity facility...

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