HIGHLAND – Standard and Poor’s Rating Service has reaffirmed the New York State Bridge Authority’s AA- rating because of its strong management and stable finances. The May 30 report cited “An experienced and proactive management team that has kept the authority’s bridges in sound physical condition.”
S & P also cited credit strengths including significant toll-rate flexibility, with the $1.50 toll for passenger cars being very low compared with other Hudson River crossings; strong financial performance from a five-bridge system with limited competing facilities; and strong bond provisions.
“By sticking to our core mission and making sure the tolls we collect go to operations and maintenance, we are able to deliver a cost-effective and efficient network of safe and reliable regional bridges,” said Executive Director Joseph Ruggiero.
Authority Board Chairman Richard Gerentine said the analysis “reaffirms the work of the authority, the guidance provided by the Board of Commissioners and the professionalism of our employees.”
