KBRA Releases Report Assigning AA+ Rating, Stable Outlook to Triborough Bridge and Tunnel Authority Payroll Mobility Tax Senior Lien Refunding Bonds, Series 2026A-1 and Series 2026A-2

On February 23, 2026, KBRA assigned a long-term rating of AA+ to the Triborough Bridge and Tunnel Authority Payroll Mobility Tax ("PMT") Senior Lien Refunding Bonds, Series 2026A-1 and Senior Lien Refunding Bonds, Series 2026A-2.

Concurrently, we affirmed the long-term ratings on outstanding Senior Lien PMT Bonds and certain outstanding PMT Bond Anticipation Notes issued with final maturities of greater than three years. For those PMT Bond Anticipation Notes issued with a final maturity of less than three years, KBRA affirmed the short-term rating of K1+.

The Outlook on all PMT obligations is Stable.

The long-term rating reflects the ample debt service coverage provided by Mobility Tax receipts and MTA Aid Trust Account receipts, (collectively, “Pledged Revenues”), securing the PMT Bonds, the broad, diverse and resilient employment base from which Pledged Revenues are derived, and strong bondholder protections, which include a 2.25x historical pro-forma additional bonds test.

Counterbalancing credit considerations include the vulnerability of Mobility Tax receipts to economic conditions and relatively flat to declining Aid Trust Account receipts since 2018.

To access ratings and relevant documents, click here.

Click here to view the report.