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NEWS

For Immediate Release
May 4, 2011

S&P Lauds Bridge Authority
Cites Excellent Management, Strong Finances

Highland, NY – Strong financial performance, experienced and proactive management and vigilant maintenance all combined to give the New York State Bridge Authority (NYSBA) the impressive AA- credit rating, among the best in the country for self-supporting toll agencies, according to a recent Standard & Poor’s (S&P) analysis.

The report judged the Bridge Authority’s financial strength, likelihood that it will repay its debts and the relative safety of Bridge Authority bonds for investors.   The analysis takes into account how the Authority is run, management decisions, operational efficiency and the safety and integrity of its bridges.

Authority Executive Director Joseph Ruggiero said he was pleased with the rating.  “Given the current economic climate, knowing that we’ve made the right decisions and acted in the best interest of the public is reassuring,” Ruggiero said.

The independent rating agency cautioned that rising fuel prices and static toll revenue due to the decline in traffic are issues of concern for the Bridge Authority, however these issues do not affect the current rating.

“Our bridges have been called among the best maintained in the nation”, Ruggiero said.  “This reduces long-term expenses and allows us to be ahead of the curve instead of chasing problems.” 

 

Standard & Poor’s, Global Credit Portal, RatingsDirect, April 27, 2011.