Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's affirms Aa1/VMIG 1 on Triborough Bridge and Tunnel Authority's LOC-backed rev. bonds ser. 2003B-1, 2003B-3, 2005A and 2005B-2

22 Jan 2015

$455.35M of debt affected. Ratings based on joint support from PNC Bank, N.A., Wells Fargo Bank, N.A., and TD Bank, N.A. as substitute LOC providers and the Triborough Bridge and Tunnel Authority, as obligor.

New York, January 22, 2015 -- Moody's has affirmed the Aa1/ VMIG 1 LOC-backed ratings of the Bonds listed below (collectively, the Bonds):

- Triborough Bridge and Tunnel Authority General Revenue Variable Rate Bonds Series 2003B-1 (the Series 2003B-1 Bonds)

- Triborough Bridge and Tunnel Authority General Revenue Variable Rate Bonds 2003B-3 (the Series 2003B-3 Bonds)

- Triborough Bridge and Tunnel Authority General Revenue Variable Rate Bonds 2005A-1, 2005A-2, 2005A-3 (the Series 2005A Bonds)

- Triborough Bridge and Tunnel Authority General Revenue Variable Rate Bonds 2005B-2 (the Series 2005B-2 Bonds)

SUMMARY RATINGS RATIONALE

The long term ratings are based on a joint default analysis (JDA) which reflects Moody's approach to rating jointly supported transactions. The JDA ratings are based upon the long-term rating of the Banks as providers of the letters of credit; the underlying ratings assigned to the Bonds; and the structure and legal protections of the transactions which ensure timely debt service payments to investors. The timely payment of purchase price is reflected in the short-term ratings of the Bonds. The short term ratings are based on the short term ratings of the Banks. Moody's currently maintains an underlying rating of Aa3 on the Bonds.

Since a loss to investors would occur only if the Banks and the Triborough Bridge & Tunnel Authority (the Authority) default in payment, Moody's has assigned ratings based upon the joint probability of default by both parties. In determining the joint probability of default, Moody's considers the level of default dependence between the Banks and the Authority. Moody's has determined that there is a low level of default dependence between the Banks and the Authority. As a result, the joint probability of default for the Banks and the Authority results in a credit risk consistent with a JDA rating of Aa1 for all subseries of Bonds.

DETAILED CREDIT DISCUSSION

Direct Pay Letters of Credit

Each LOC is sized for the full principal amount of Bonds outstanding plus 53 days of interest at 9%, the maximum rate applicable to the Bonds and provides sufficient coverage while the Bonds are in the (i) weekly interest rate mode only for the 2003B-1 Bonds and (ii) the weekly and the daily interest rate mode for the 2003B-3, 2005A and 2005B-2 Bonds. Moody's LOC-backed ratings apply to Bonds in the weekly rate mode only for the 2003B-1 Bonds and in the weekly and daily rate modes for the 2003B-3, 2005A and 2005B-2 Bonds.

Flow of Funds

The trustee is instructed to draw on the respective LOC in accordance with its terms in order to receive timely payment of principal and interest. The trustee is also instructed to draw in accordance with the terms of the respective LOC for purchase price, to the extent remarketing proceeds are insufficient.

In the event that the respective Bank fails to honor any valid draw on the letter of credit for principal or interest, the trustee shall apply Authority funds to make timely payment to Bondholders.

Payment of the Bonds upon Expiration/Termination/Substitution of Letters of Credit

Upon mandatory tender, redemption or acceleration the Bonds are subject to payment funded with a draw on the respective letter of credit. Prior to the termination or expiration of the letters of credit Bonds are subject to the following:

- Expiration: mandatory tender on the 2nd business day prior to stated expiration date; the stated expiration date of the Wells Fargo and PNC Bank LOCs is January 26, 2018 and the TD Bank LOC is January 28, 2020.

- Substitution: mandatory tender on the substitution date of LOC; the LOCs terminate on the date the trustee surrenders the respective LOC for cancellation with certification that a substitute LOC has been issued.

- Interest rate conversion: mandatory tender on each interest rate conversion date; the LOCs terminate on the date the trustee surrenders the respective LOC for cancellation with certification that all the Bonds supported by the respective LOC have been converted to an interest rate mode other than the weekly rate mode.

- Event of default under the reimbursement agreement: mandatory tender at the direction of the respective Bank; the trustee is instructed to cause a mandatory tender of the respective Bonds on the 5th day (or the business day prior if not a business day) prior to the termination date of the LOC as a result of an event of default under the reimbursement agreement; the LOC terminates on the date which is 16 days following the trustee's receipt of notice of default under the reimbursement agreement.

The LOCs also terminate on the date on which the respective Bank receives the trustee's certification that no Bonds are outstanding.

Draws on Letters of Credit

Conforming draws under the LOCs for principal and interest received by the Banks at or prior to 3:00 p.m., New York City time, on a business day, will be honored by 2:30 p.m., New York City time, on the next business day. Conforming draws for purchase price received by the Banks by 12:00p.m., New York City time, on a business day, will be honored by 2:30 p.m., New York City time, on the same business day.

Draws made under each LOC for interest shall be automatically reinstated by the respective Bank on the 5th calendar day after honoring such interest drawing unless the trustee receives either (i) notice that the Bank will not be reinstating the interest portion of their LOC or (ii) notice of an event of default under the respective reimbursement agreement with direction to tender the Bonds. The respective Bonds shall be subject to mandatory tender on the 5th calendar day (or the business day after the 4th day if such date is not a business day) the trustee's receipt of notice of non-reinstatement or on the 5th day (or the business day prior if not a business day) prior to the termination date of the LOC as a result of an event of default under the reimbursement agreement. The LOC terminates on the date which is 16 days following the trustee's receipt of notice of default under the reimbursement agreement.

Optional Tenders

While the Bonds are in the weekly rate mode, bondholders may optionally tender their Bonds on any business day, by providing written notice to the tender agent and remarketing agent by 4:00 p.m., New York City time, at least seven (7) days in advance. While the Bonds are in the daily rate mode, bondholders may optionally tender their Bonds on any business day, by providing written notice to the tender agent and the remarketing agent by 11:00 a.m, New York City on such purchase date. Bondholders tendering their Bonds will receive purchase price equal to the par amount of the Bonds tendered plus accrued interest to the tender date.

Interest Rate Modes and Payment

The 2003B-1 and 2005A-1 Bonds will bear interest in the weekly rate mode and the 2003B-3 and 2005B-2 Bonds will bear interest in the daily rate mode. In both the daily and weekly rate modes interest is paid on the first (1st) Wednesday of each month. The indenture also permits conversion of the interest rate of the Bonds, in whole by subseries, to the commercial paper, term, auction or fixed rate mode.

The General Resolution allows for the issuance of additional bonds as separate subseries.

WHAT COULD CHANGE THE RATING-UP

Long-Term: The long-term ratings of the Bonds could be upgraded if the long-term rating of the respective Bank was upgraded or the long-term underlying rating of the Bonds was upgraded.

Short-Term: Not applicable

WHAT COULD CHANGE THE RATING-DOWN

Long-Term: The long-term ratings on the Bonds could be downgraded if the long-term rating of the respective Bank was downgraded or the long-term underlying rating of the Bonds was downgraded, or if there was an increase in the level of default dependence, as determined by Moody's, between the respective Bank and the Authority.

Short-Term: The short-term ratings on the Bonds would be downgraded if the short-term rating of the respective Bank was downgraded.

The principal methodology used in this rating was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in March 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Josephine Castro
Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Joann Hempel
VP - Senior Credit Officer
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's affirms Aa1/VMIG 1 on Triborough Bridge and Tunnel Authority's LOC-backed rev. bonds ser. 2003B-1, 2003B-3, 2005A and 2005B-2
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​​​
Moodys.com