Triborough Bridge and Tunnel Authority, NY's 2005B-3 Bonds Upgraded To 'AAA' From 'AA-' On Change In Payment Structure

NEW YORK (Standard&Poor's) June 30, 2015--Standard&Poor's Ratings Services raised its rating to 'AAA/A-1' from 'AA-/A-1' on Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s series 2005B-3 general revenue variable-rate bonds. At the same time, Standard&Poor's assigned its 'AA-' underlying rating (SPUR) to the bonds. "The upgrade reflects the change in structure to a direct-pay letter of credit from an uninsured liquidity structure," said Standard&Poor's credit analyst Joseph Pezzimenti. The long-term and short-term components of the rating will now be based on the letter of credit (LOC) provided by Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/A-1) and our application of the low correlation joint criteria is based on our 'AA-' SPUR on the authority. Previously,

...NEW YORK (Standard & Poor's) June 30, 2015--Standard & Poor's Ratings Services raised its rating to '###/A-1' from '##-/A-1' on Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s series 2005B-3 general revenue variable-rate bonds. At the same time, Standard & Poor's assigned its '##-' underlying rating (SPUR) to the bonds. "The upgrade reflects the change in structure to a direct-pay letter of credit from an uninsured liquidity structure," said Standard & Poor's credit analyst Joseph Pezzimenti. The long-term and short-term components of the rating will now be based on the letter of credit (LOC) provided by Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/A-1) and our application of the low correlation joint criteria is based on our '##-' SPUR on the authority. Previously, we based the long-term component of the rating on the rating of the obligor and based the short-term component of the rating on a liquidity facility in the form of a standby bond purchase agreement provided by Bank of America...

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