KBRA assigns a long-term AA+ rating to the Triborough Bridge and Tunnel Authority (TBTA) Payroll Mobility Tax (PMT) Senior Lien Green Bonds, Series 2022E (Climate Bond Certified), which consists of:

• Payroll Mobility Tax Senior Lien Green Bonds, Subseries 2022E-1 (Climate Bond Certified)
• Payroll Mobility Tax Senior Lien Variable Rate Refunding Green Bonds, Subseries 2022E-2a (Secured Overnight Financing Rate Tender Notes – Climate Bond Certified)
• Payroll Mobility Tax Senior Lien Refunding Green Bonds, Subseries 2022E-2b (Climate Bond Certified)

The Outlook for all of the above bonds is Stable.

At the same time, KBRA affirms the long-term AA+ rating, with a Stable Outlook, on the outstanding PMT Senior Lien Bonds issued by the TBTA and the short-term K1+ rating on the outstanding PMT Bond Anticipation Notes (BANs) issued by the TBTA and Metropolitan Transportation Authority (MTA).

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Only those ratings on securities issued by this Issuer that also are denoted on the Security Ratings tab for this Issuer on KBRA.com as “endorsed” by Kroll Bond Rating Agency Europe Limited into the European Union and/or by Kroll Bond Rating Agency UK Limited into the UK are covered by the disclosures set forth in this press release and the corresponding Information Disclosure Form. No other ratings on issuances by this Issuer have been endorsed into the European Union or the UK, and the disclosures set forth herein and in the corresponding Information Disclosure Form are inapplicable to those ratings and may not be used for regulatory purposes by European Union or UK investors in these securities.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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