KBRA Assigns AA+ Rating, Stable Outlook to Triborough Bridge and Tunnel Authority Payroll Mobility Tax Senior Lien Green Bonds, Series 2024 (Climate Bond Certified)
KBRA has assigned a long-term rating of AA+ to the Triborough Bridge and Tunnel Authority's ("TBTA’s") Payroll Mobility Tax ("PMT") Senior Lien Green Bonds, Series 2024B (Climate Bond Certified), consisting of Subseries 2024B-1, Subseries 2024B-2, and Subseries 2024B-3 (Mandatory Tender Bonds).
- KBRA has assigned a long-term rating of AA+ to the Triborough Bridge and Tunnel Authority's ("TBTA’s") Payroll Mobility Tax ("PMT") Senior Lien Green Bonds, Series 2024B (Climate Bond Certified), consisting of Subseries 2024B-1, Subseries 2024B-2, and Subseries 2024B-3 (Mandatory Tender Bonds).
- Concurrently, KBRA affirms the AA+ rating and Stable outlook on parity TBTA PMT Senior Lien Bonds and affirms the short-term ratings of K1+ on TBTA PMT Bond Anticipation Notes and K1+ on MTA PMT Bond Anticipation Notes.
- Mobility Tax and ATA Receipts are derived from a broad, diverse, and resilient employment base.
- Senior lien PMT obligations benefit from a 2.25x ABT based on historical pledged revenues and pro-forma MADS.