KBRA Assigns AA+ Rating, Stable Outlook to TBTA’s Payroll Mobility Tax (PMT) Senior Lien Bonds, Series 2021B

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NEW YORK, August 04, 2021--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns a long-term AA+ rating to the PMT Senior Lien Bonds, Series 2021B issued by the Triborough Bridge and Tunnel Authority (TBTA). The Outlook is Stable. In addition, KBRA affirms the long-term AA+ rating on the outstanding PMT senior lien bonds and affirms the K1+ on the outstanding PMT Bond Anticipation Notes, Series 2020A. The Outlook on the outstanding bonds is Stable.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Only those ratings on securities issued by this Issuer that also are denoted on the Security Ratings tab for this Issuer on KBRA.com as "endorsed" by Kroll Bond Rating Agency Europe Limited into the European Union and/or by Kroll Bond Rating Agency UK Limited into the UK are covered by the disclosures set forth in this press release and the corresponding Information Disclosure Form. No other ratings on issuances by this Issuer have been endorsed into the European Union or the UK, and the disclosures set forth herein and in the corresponding Information Disclosure Form are inapplicable to those ratings and may not be used for regulatory purposes by European Union or UK investors in these securities.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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Contacts

Analytical Contacts

Cindy Wu, Senior Director (Lead Analyst)
+1 (646) 731-2304
cindy.wu@kbra.com

Jack Morrison, Director
+1 (646) 731-2410
jack.morrison@kbra.com

Douglas Kilcommons, Managing Director
+1 (646) 731-3341
douglas.kilcommons@kbra.com

William Cox, Senior Managing Director
+1 (646) 731-2472
william.cox@kbra.com

Paul Kwiatkoski, Managing Director (Rating Committee Chair)
+1 (646) 731-2387
paul.kwiatkoski@kbra.com

Business Development Contacts

William Baneky, Managing Director
+1 (646) 731-2409
william.baneky@kbra.com

James Kissane, Senior Director
+1 (213) 806-0026
james.kissane@kbra.com

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