Fitch Affirms Triborough Bridge & Tunnel Authority (New York) Gen'l Revs at 'AA'/'AA-'

Fitch Ratings has affirmed the following ratings for the Triborough Bridge and Tunnel Authority (MTA Bridges & Tunnels, or the authority), NY:

--$150 million general revenue mandatory tender bonds series 2009A-1 'AA';

--$6.7 billion general revenue bonds 'AA';

--$2 billion subordinate revenue bonds 'AA-';

--$149 million general revenue bond anticipation notes (BANs) series 2009 'F1'.

The Rating Outlook is Negative for all long-term bonds.

On Jan. 20, 2010, the MTA Bridges & Tunnels is effecting a mandatory tender and purchase and remarketing of the currently outstanding series 2009A-1 bonds that are 30-year variable-rate bonds. The MTA Bridges & Tunnels' management plans to issue refunding bonds on or prior to the mandatory purchase date set for Nov. 15, 2012 sufficient to redeem all of the series 2009A-1 bonds. Fitch therefore withdraws its 'F1+' short-term rating on the series 2009A-1 bonds due to the new 34-month tender date.

Fitch expects the MTA Bridges & Tunnels to carefully manage its outstanding short-term borrowings with commensurate internal liquidity levels. Management has represented that it will continue its historical position of maintaining balance sheet strength and a solid liquidity position in light of a challenging economic environment. The authority expects to maintain at least 1.25 times (x) coverage of the mandatory tender bonds with its construction reserve fund ($211.1 million as of December 2009), unrestricted cash and investments ($44.3 million as of December 2009), and the monthly surplus funds (approximately $26 million per month). To the extent the authority's reserve balances provide less than 1.25x coverage on short-term indebtedness, any future short-term rating assigned to the mandatory tender bonds could be inconsistent with an 'F1+'rating under Fitch's criteria.

The mandatory tender, general revenue and subordinate revenue bonds are all secured by the net revenues collected on the bridges and tunnels operated by the MTA Bridges & Tunnels. The BANs are not parity obligations with other authority obligations; rather they are solely secured by the proceeds of future takeout bonds and will mature on Nov. 15, 2010.

For more information, see Fitch's Oct. 29, 2009 press release 'Fitch Rates Triborough Bridge & Tunnel Authority (New York) $150MM Gen'l Rev Bans 'F1', Fitch's Sept. 3, 2009 press release 'Fitch Rates Triborough Bridge & Tunnel Authority (New York) $158MM Revs 'AA'; Outlook to Negative, and Fitch's Jan. 16, 2009 press release 'Fitch Rates Triborough Bridge & Tunnel Authority (New York) $400MM Gen'l Revs 'AA/F1+', available at ' www.fitchratings.com'.

The application of the following criteria was used to derive the rating of the above referenced bonds:

--'Rating Criteria for Infrastructure and Project Finance', dated Sept. 29, 2009;

--'Global Toll Road Rating Guidelines', dated March 6, 2007;

--'Rating Municipal Short-Term Debt', dated Oct. 18, 2007.

All are available on the Fitch web site at ' www.fitchratings.com' under the headers Global Infrastructure & Project Finance >> Rating Criteria and U.S. Public Finance >> Rating Criteria.

Additional information is available at ' www.fitchratings.com'.

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