Triborough Bridge And Tunnel Authority, NY Series 2018A General Revenue Bonds Rated #AA-#; Other Bonds Rated #AA+/A-1#

Stocks and Financial Services Press Releases Friday January 19, 2018 08:49
NEW YORK--19 Jan--S&P Global Ratings

NEW YORK (S&P Global Ratings) Jan. 18, 2018--S&P Global Ratings has assigned its 'AA-' long-term rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s pro forma $351.93 million series 2018A general revenue bonds. The outlook is stable. At the same time, S&P Global Ratings assigned its 'AA+/A-1' ratings and 'AA-' underlying rating (SPUR) to the TBTA's $122.64 million subseries 2003B-1 general revenue variable rate bonds; and its 'AA+/A-1' ratings and 'AA-' SPUR to the authority's $190.3 million subseries 2005B-2 general revenue variable rate bonds.

"The ratings reflect our view of the TBTA's consistently strong historical financial performance and service essentiality, and our expectation the authority will maintain combined debt service coverage at levels adequate for the rating," said S&P Global Ratings credit analyst Joseph Pezzimenti. S&P Global Ratings also affirmed the following ratings: 'SP-1+' short-term rating on the TBTA's 2017A general revenue bond anticipation notes (BANs), with a Feb. 15, 2018, maturity;'AA-' SPUR on the authority's general revenue bonds;'A+' SPUR on the TBTA's subordinate revenue bonds outstanding; 'AAA/A-1+' long-term rating and SPUR on the authority's general revenue variable-rate bonds, series 2001B; 'AA+/A-1' long-term rating and SPUR on the TBTA's general revenue variable-rate bonds, series 2001C, 2002F, and 2005B-3; and'AA+/A-1' ratings and 'A+' SPUR on the authority's subordinate revenue refunding bonds, subseries 2013D-2a and 2013D-2b.

Along with financing bridge and tunnel projects, the proposed series 2018A general revenue bond proceeds will retire the 2017A BANs outstanding. The authority serves a mature seven-bridge-and-two-tunnel system that we consider essential--providing critical links to the congested New York City area--and faces limited traffic diversion from capacity constrained competing facilities that have ongoing construction. The stable outlook reflects our assessment of the high level and relatively price-inelastic demand for authority facilities during our two-year outlook period, allowing the TBTA the flexibility to raise tolls as needed. The outlook also reflects our expectation the authority will maintain combined DSC of no less than 1.5x before mandatory transfers and no less than sufficiency after.

It is unlikely we will raise the ratings in the next two years due to the TBTA's additional debt plans. We could lower the rating if coverage falls below the combined DSC threshold or if authority management uses additional debt to finance mass-transit or commuter projects. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information.

Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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