Triborough Bridge and Tunnel Authority, NY – General Revenue Rating Report

Rating Summary

The long-term ratings reflect the Triborough Bridge and Tunnel Authority’s (“TBTA’s”) role as one of the largest toll systems in the United States and a provider of highly essential transportation infrastructure to the regional New York City economy. Generally low demand volatility to-date, and the TBTA’s full toll setting autonomy, bolstered by the State’s non-impairment covenant under the TBTA Act, further underpin the ratings.

Counterbalancing the aforementioned strengths is the potential demand impact of planned, periodic toll increases, which would be layered onto already elevated toll rates at most TBTA facilities, particularly when such increases outpace inflation. While traffic has historically demonstrated limited sensitivity to toll increases, recent traffic growth has moderated, increasing only modestly in the last two years. Future traffic performance could also be pressured by fuel-price volatility, inflation and broader macroeconomic uncertainty, the…