NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AA with a stable outlook on the Triborough Bridge and Tunnel Authority’s (TBTA or Authority) senior lien General Revenue Bonds, Series 2015A, and affirms the long-term rating of AA with a stable outlook on the TBTA’s outstanding senior lien General Revenue Bonds.
KBRA also affirms the long-term rating of AA- with a stable outlook on the TBTA’s outstanding subordinate lien General Revenue Bonds. KBRA has also affirmed the short term rating of K1+ to the Subordinate Revenue Variable Rate Refunding Bonds, Subseries 2000ABCD-2 maturing on January 1, 2016 and Subseries 2000ABCD-3 maturing on January 1, 2017, based on KBRA’s short term rating scale.
This rating is based on KBRA’s U.S. Public Toll Roads, Bridges, & Tunnels Rating Methodology, published on November 1, 2012.
Following the issuance of the General Revenue Bonds, Series 2015A, the TBTA will have a total of approximately $8.6 billion in senior lien General Revenue Bonds and $1.7 billion in Subordinate Revenue Bonds outstanding. Based on the MTA Bridges and Tunnel’s 2014 actual financial results, the net revenues available for debt service provided 2.70x debt service coverage on outstanding senior lien bonds and 2.18x coverage of combined debt service on outstanding senior and subordinate lien bonds, which KBRA considers to be very strong. The MTA February 2015 Financial Plan projects continued high debt service coverage within the FY 2015 and 2016 forecast period.
Overall debt amortization is level through 2032 and then drops off following the retirement of subordinate bonds. Debt service figures are net of approximately $8.4 million in both 2014 and 2015 in Build America Bonds interest credit payments expected to be received from the Federal government.
To view the rating report, please use the following link: www.krollbondratings.com/show_report/2213.
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).