Kroll Bond Rating Agency Assigns Long-Term Rating of AA to the TBTA’s Senior Lien General Revenue Bonds, Series 2017A and General Revenue Refunding Bonds, Series 2017B with Stable Outlook

NEW YORK--()--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AA and a Stable Outlook to the Triborough Bridge and Tunnel Authority’s (TBTA or “the Authority”) senior lien General Revenue Bonds, Series 2017A and General Revenue Refunding Bonds, Series 2017B (“the Bonds”). The issuance of the Series A Bonds is expected to be approximately $300 million in fixed rate obligations. Subject to market conditions, Series 2017B may refund certain outstanding TBTA bonds.

KBRA has also affirmed the long-term rating of AA and the Stable outlook on the TBTA’s outstanding senior lien General Revenue Bonds and the long-term rating of AA- and Stable outlook on the TBTA’s outstanding subordinate lien General Revenue Bonds.

The rating assignment and affirmation of the TBTA’s long-term rating is based on KBRA’s U.S. Public Toll Roads, Bridges, & Tunnels Rating Methodology. KBRA’s rating evaluation of the long-term credit quality of public sector toll revenue bonds focuses on the five key rating determinants listed below. The corresponding rating determinant ratings for TBTA senior and subordinate lien bonds are listed below.

To view the report, please click here.

     
TBTA Senior Lien General Revenue Bonds

TBTA Subordinate Lien
General Revenue Bonds

  • Size and Scope of Operations – AA+
  • Demand Assessment – AA+
  • Management/Regulatory Framework – AA
  • Financial Profile – AA
  • Security Provisions – A
  • Size and Scope of Operations – AA+
  • Demand Assessment – AA+
  • Management/Regulatory Framework – AA
  • Financial Profile – AA-
  • Security Provisions – A-
 

Follow us on Twitter!
@KrollBondRating

Contacts

Kroll Bond Rating Agency
Analytical Contacts:
Andrew Clarke, Senior Director
aclarke@kbra.com, (646) 731-2380
or
Alice Cheng, Associate Director
acheng@kbra.com, (646) 731-2403

Contacts

Kroll Bond Rating Agency
Analytical Contacts:
Andrew Clarke, Senior Director
aclarke@kbra.com, (646) 731-2380
or
Alice Cheng, Associate Director
acheng@kbra.com, (646) 731-2403