Standard & Poor's Ratings Services assigned its 'AA-' rating to Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s $225 million general revenue bonds series 2007-A. At the same time, Standard & Poor's affirmed its 'AA-' rating on TBTA's $4.7 billion of senior-lien revenue bonds and its 'A+' rating on TBTA's $2.3 billion of subordinate-lien revenue bonds. The ratings are based on TBTA's consistently strong historical financial performance, service essentiality, and the expectation that debt service coverage levels remain solid while the available cash position will improve. More specific credit strengths include the following: TBTA bridges and tunnels operate at a high level of profitability. Both senior-lien and combined debt service coverage declined in 2002 to the lowest levels in recent history...
Companies mentioned in this report are:
- Triborough Br & Tunnel Auth
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included. SHOW LESS READ MORE >