Triborough Bridge and Tunnel Authority, New York; Joint Criteria; Toll Roads Bridges

S&P Global Ratings assigned its 'AA+/A-1' rating and 'AA-' underlying rating (SPUR) to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s series 2005A general revenue variable-rate bonds. The outlook is stable. The rating reflects the replacement of the existing letter of credit (LOC) from TD Bank N.A. with a new LOC from Barclays Bank PLC on Jan. 24, 2020. The rating's long-term component jointly reflects the rating on Barclays and the SPUR on the TBTA, assuming a low correlation level. The short-term component of the series 2005A bond rating solely reflects the impact of the rating on Barclays. The Barclays LOC will cover principal and interest on the bonds, including the payment of unremarketed tendered bonds. The LOC also provides

...S&P Global Ratings assigned its '##+/A-1' rating and '##-' underlying rating (SPUR) to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s series 2005A general revenue variable-rate bonds. The outlook is stable. The rating reflects the replacement of the existing letter of credit (LOC) from TD Bank N.A. with a new LOC from Barclays Bank PLC on Jan. 24, 2020. The rating's long-term component jointly reflects the rating on Barclays and the SPUR on the TBTA, assuming a low correlation level. The short-term component of the series 2005A bond rating solely reflects the impact of the rating on Barclays. The Barclays LOC will cover principal and interest on the bonds, including the payment of unremarketed tendered bonds. The LOC also provides for a maximum of 53 days' interest coverage at a 9% rate. Its interest component will reinstate on the fifth calendar day following an interest draw. Should the LOC provider notify the trustee that it has not reinstated the interest component, the trustee...

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