Kroll Bond Rating Agency Assigned Short-Term Rating of K1+ to the Triborough Bridge and Tunnel Authority's $100 million General Revenue Bond Anticipation Notes (BANS), Series 2014A

Kroll Bond Rating Agency (KBRA) has assigned a short-term rating of K1+ to the Triborough Bridge and Tunnel Authority's (TBTA) $100 million General Revenue Bond Anticipation Notes (BANS), Series 2014A. KBRA also affirms the long-term rating of AA with a stable outlook on the TBTA's outstanding General Revenue Bonds and affirms the long-term rating of AA- with a stable outlook on the TBTA's outstanding Subordinate Revenue Bonds. The BANS are due May 15, 2015.

This short-term rating is based on KBRA's long-term rating on the TBTA's General Revenue Bonds as well as KBRA's review of factors that may impact market access to financing to retire the BANS and utilizes KBRA's mapping of short-term to long-term ratings, as shown in KBRA's short-term rating scale definitions. The KBRA long-term rating for the TBTA's General Revenue Bonds is AA with a stable outlook. KBRA's long-term rating for TBTA is based on the 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 credit, Triborough Bridge and Tunnel General Revenue Bonds, Subseries 2008B-1.

The TBTA has demonstrated its ability to access the financial markets through its history of issuance of long-term debt on at least an annual basis for the last five years and the frequent remarketing of its short-term debt. The TBTA has $1.8 billion outstanding in variable rate bonds and notes which are remarketed on a weekly or monthly basis. Prior to this issuance, the TBTA last issued a BAN in 2009. The TBTA has authorized bonds to retire the 2014 A BANS under the TBTA General Bond Resolution (Resolution). As part of the MTA, the TBTA regularly provides the market with comprehensive disclosure on credit issues and updated financial information.

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).

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Kate Hackett, 646-731-2304
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Brittni Smith, 646-731-2352
Analyst
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