Triborough Bridge and Tunnel Authority, NY's 2018E Bonds Assigned 'AA+/A-1' Rating And 'AA-' SPUR; Outlook Stable

NEW YORK (S&P Global Ratings) Dec. 7, 2018--S&P Global Ratings assigned its 
'AA+/A-1' ratings and 'AA-' underlying rating (SPUR) to the Triborough Bridge 
and Tunnel Authority (TBTA), N.Y.'s $148.47 million series 2018E (federally 
taxable) general revenue variable-rate refunding bonds. The outlook on the 
SPUR is stable. 

The series 2018E bond proceeds, together with other available TBTA funds, will 
refund the authority's subordinate revenue bonds, subseries 2013D-2a and 
2013D-2b. 

The rating's long-term component reflects our view of the joint support 
provided by Bank of America N.A. (A+/Stable/A-1), in the form of an 
irrevocable direct-pay letter of credit (LOC) and the SPUR on TBTA, the 
obligor, assuming a low correlation level between the LOC provider and 
obligor. We base the rating's short-term component solely on the short-term 
rating on the bank. 

"The rating's long-term component incorporates our expectation of full and 
timely interest and principal payments when the bondholders have not exercised 
the put option," said S&P Global Ratings credit analyst Joe Pezzimenti. The 
short-term component addresses our expectation of full and timely interest and 
principal payments when the bondholders have exercised the put option.

The stable outlook on the SPUR 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 to 
ensure continued strong financial performance. 

It is unlikely we will raise the SPUR in the next two years due to the 
authority's additional debt plans.

We could lower the SPUR if the TBTA's ability to maintain coverage at 
sufficiency, as per our calculations, is not feasible, or if authority 
management uses additional debt to finance mass-transit or commuter projects.