Standard & Poor’s Credit Rating Agency downgraded the New York State Thruway from an A+ to an A on Tuesday, stating the lack of insight on toll increases for the Tappan Zee Bridge as the main reason. According to an analyst for the agency an exact number isn’t known for how much the tolls will increase, but it can be expected that they will, to cover the cost on the new bridge and operating systems. The state is currently waiting for a federal loan to go through for the new bridge, and the credit downgrade affects the Thruway’s abilities to borrow for capital projects. In June of 2012 Standard & Poor’s downgraded the Tappan Zee financing from stable to negative, but Tuesday the agency stated that the long- term outlook for the Thruway is stable. They also stated that the Thruway authority will likely have to rely on rate increases, with speculation that the roundtrip tolls for the bridge could get as high as $14.
Credit Rating For Thruway Downgraded
October 30, 2013 By