NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA with a stable outlook to the Triborough Bridge and Tunnel Authority’s (TBTA) outstanding General Revenue Bonds and a long-term rating of AA- with a stable outlook to TBTA’s outstanding Subordinate Revenue Bonds. KBRA has also assigned a long-term rating of AA with a stable outlook to the General Revenue Refunding Bonds, Series 2012D and General Revenue Variable Rate Refunding Bonds, Subseries 2005-B4 as well as a long-term rating of AA- with a stable outlook to the Subordinate Revenue Refunding Bonds, Series 2012C.
The rating marks KBRA’s first transportation rating, and its entry into this market. The Triborough Bridge and Tunnel Authority (or MTA Bridges and Tunnels) is an affiliate of the Metropolitan Transportation Authority (MTA) and provides vital transportation links to the New York City area through the operation of seven bridges and two tunnels. TBTA has a total of approximately $6.6 billion in general revenue bonds (senior lien) and $1.8 billion in subordinate revenue bonds outstanding. It is the largest toll system in the United States, with over 283 million vehicle crossings in 2011 and total revenues over $1.5 billion.
KBRA views TBTA as providing an essential transportation link within New York City. Its service area is large and diverse, resulting in stable overall demand. Management and financial operations are viewed in the context of TBTA’s role in the broader MTA organization. KBRA views the statutory requirement for the TBTA to transfer surplus revenues to the MTA as providing additional protection in the form of higher debt service coverage.
These ratings are based on KBRA’s U.S. Public Toll Roads, Bridges, & Tunnels Rating Methodology, published on November 1, 2012. The report, Triborough Bridge and Tunnel Authority, can be found at www.krollbondratings.com.
About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. 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).