NEW YORK --(BUSINESS WIRE)-- Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AA with a stable outlook on the Triborough Bridge and Tunnel Authority’s (TBTA) $250 million General Revenue Bonds, Series 2014A and affirms the long-term rating of AA with a stable outlook on the TBTA’s outstanding General Revenue Bonds. KBRA also affirms the long-term rating of AA- with a stable outlook on the TBTA’s outstanding Subordinate Revenue Bonds. Following the issuance of the Series 2014A Bonds, the TBTA will have a total of $7.0 billion in senior lien General Revenue Bonds and $1.8 billion in Subordinate Revenue Bonds outstanding. Based on the MTA Bridges and Tunnels 2013 November Forecast for the fiscal year ending December 31, 2013 , net revenues available for debt service provides 2.73x of debt service on outstanding senior lien bonds and 2.12x coverage of combined debt service on outstanding senior and subordinate lien bonds, which KBRA considers to be very strong. Overall debt amortization is level through 2032 and then drops off following the retirement of subordinate bonds. This rating is based on KBRA’s U.S. Public Toll Roads, Bridges, & Tunnels Rating Methodology , published on November 1, 2012 . Please see the prior report published on December 6, 2012 for a full discussion of the Key Rating Determinants, Triborough Bridge and Tunnel General Revenue Bonds, Subseries 2008B-1 . About Kroll Bond Rating Agency KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP). Analytical: Kate Hackett , 646-731-2304 Managing Director firstname.lastname@example.org or Brittni Smith , 646-731-2352 Analyst email@example.com Source: Kroll Bond Rating Agency
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