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Summary: Triborough Br & Tunnel Auth, NY; Transportation, Note; Transportation, Toll Roads Bridges Oct 02 Product Image

Summary: Triborough Br & Tunnel Auth, NY; Transportation, Note; Transportation, Toll Roads Bridges Oct 02

  • Published: October 2002
  • Region: New York
  • Standard & Poors

Abstract
On Oct. 3, 2002, Standard & Poor's Ratings Services assigned its 'A+' rating to the Triborough Bridge and Tunnel Authority's (TBTA) $261.7 million series 2002D subordinate revenue variable-rate refunding bonds. The series 2002D bonds are auction-rate bonds and consist of three subseries that include the $65 million subseries 2002D-1, $65 million 2002D-2, and $131.7 million subseries 2002D-3. The ratings are based on the TBTA's consistently strong historical financial performance, service essentiality, and the expectation that debt service coverage levels remain solid on a combined basis. More specific credit strengths include: A high level of profitability at the TBTA's bridges and tunnels, which have historically (1996-2000) provided senior lien debt service coverage of no less than 2.4 times (x), and in...

Companies mentioned in this report are:
- Triborough Br & Tunnel Auth

Action: New Rating

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- Triborough Br & Tunnel Auth

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