The New York state Bridge Authority is one of only three toll-funded public or government transportation agencies in the nation to receive an “Aa2” rating by Moody”™s Investor Services Global Credit Research.
“The rating outlook is stable and is based on the very strong historical financial performance of the authority and the stability of transaction levels at its five bridge facilities,” reads a March 6 statement from Moody”™s. “Financial performance of the authority remains quite strong, even though the authority has only raised tolls twice since its inception in 1932.”
The Bridge Authority operates the Bear Mountain, Newburgh-Beacon, Mid-Hudson, Kingston-Rhinecliff and Rip Van Winkle bridges in the Hudson Valley.
“We”™re extremely pleased, it attests to the long-range planning and very solid fiscal management at the authority,” John Bellucci, the authority”™s director of planning and public relations, said last week.
Among the factors Moody”™s cited for the high rating were: the authority”™s established regional, multiasset bridge system with a history of strong financial performance; revenue providing healthy debt service coverage levels; and limited capital spending requirements in the near to midterm.
Bellucci said the authority”™s operations and maintenance are entirely toll supported. All five bridges have a $1 passenger vehicle toll.
“The dollar toll is one of the lowest in the nation,” he said. “We are planning on keeping the toll prices steady.”
Bellucci added that all five bridges “are in pretty good shape” due to aggressive, long term maintenance on the authority”™s part.
“We do 15- to 20-year planning,” he said. “We are keeping on top of things.”
Bellucci said the authority has no plans for additional construction in the near future.
“Our continued efforts to control expenses and plan for the future will insure that we make the most cost-effective use of our funds,” Executive Director George C. Sinnott said in a statement.
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