KBRA Releases Rating Report for the TBTA General Revenue Variable Rate Bonds, Series 2001B (SOFR Tender Notes)

NEW YORK--(BUSINESS WIRE)--On September 4, 2018, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA with a Stable Outlook to the Triborough Bridge and Tunnel Authority (TBTA) General Revenue Variable Rate Bonds, Series 2001B (SOFR Tender Notes).

Concurrently, KBRA affirmed the long-term rating of AA with a Stable Outlook on the TBTA’s outstanding General Revenue Bonds. KBRA also affirmed the long-term rating of AA- with a Stable Outlook on the TBTA’s outstanding Subordinate Revenue Bonds.

KBRA’s long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted.

Ratings
Issuer: Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) (TBTA)
Series/Bond	Rating	Outlook	Action
General Revenue Variable Rate Bonds, Series 2001B (SOFR Tender Notes)	AA	Stable	Assigned
General Revenue Bonds	AA	Stable	Affirmed
Subordinate Revenue Bonds	AA-	Stable	Affirmed
KBRA’s long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted.

KBRA’s long-term rating for the TBTA is based on the U.S. Public Toll Roads, Bridges, & Tunnels Rating Methodology. The 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.

TBTA General Revenue Bonds	TBTA Subordinate 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-

To view the report, click here.

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.