N.Y. Thruway Authority Downgrade by Moody’s on Tappan Zee
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The New York State Thruway Authority had its credit rating cut one step to A2 by Moody’s Investors Service, which said the agency may not raise tolls fast enough to cover costs for a new $3.9 billion Tappan Zee Bridge.
The drop to the sixth-highest rating also reflects the possibility that the bridge contractor, a group led by Irving, Texas-based Fluor Corp., won’t be able to meet the project’s schedule and stay within budget, even though most of the costs are fixed under a design-build contract, Moody’s said today in a report.