N.Y. Thruway Agency Rating Cut by S&P on Tappan Zee Cost
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The New York State Thruway Authority, which operates the longest U.S. toll-road system, had its credit rating cut one step to A by Standard & Poor’s because the $3.9 billion Tappan Zee Bridge replacement may overload the agency with debt.
The authority’s reliance on frequent toll increases was also cited by S&P as it dropped the agency’s debt to its sixth-highest grade from A+, in a statement released yesterday. The new span across the Hudson River north of New York City is projected to take six years. Before completing a financing plan, the state is waiting to see if the U.S. will provide a loan.