KBRA Releases Report Assigning AA Rating to the Triborough Bridge and Tunnel Authority Real Estate Transfer Tax Revenue Bonds, Series 2025A (TBTA Capital Lockbox Fund); Outlook is Stable

On December 19, 2024, KBRA assigned a long-term rating of AA to the Triborough Bridge and Tunnel Authority Real Estate Transfer Tax Revenue Bonds, Series 2025A (TBTA Capital Lockbox Fund). The Outlook is Stable. The rating reflects i) the non-appropriation pledge and statutory dedication of New York City Real Estate Transfer Tax ("RETT") Receipts transferred monthly by the State Comptroller to the Central Business District Tolling Capital Lockbox Fund held by TBTA; ii) the sound legal and security provisions of the credit structure; iii) the solid, though volatile trend of coverage of maximum annual debt service (capped at $150 million) over the four year timeframe of actual receipts; and iv) TBTA's statutory inability to file for bankruptcy protection, and the inability of creditors to file involuntary proceedings against TBTA during the pendancy of the Bonds. Counterbalancing these strengths are the lack of at least five years of historical RETT Receipts, and the volatility of annual sales volumes and unit sales subject to the RETT.

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