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NEWS

For Immediate Release

BRIDGE AUTHORITY ACHIEVES HIGH MARKS FOR FINANCE

Citing stable operations and a history of strong financial performance, Moody's Investors Service has reaffirmed its high Aa3 rating on New York State Bridge Authority Revenue Bonds this week. 

“We are pleased with the results of this analysis,” Executive Director Joseph Ruggiero said today.  “I’m proud of the work we do.  Keeping costs, and tolls, down while delivering the largest independent project in Authority history has been a challenge but one with long term benefits for the entire Hudson Valley.”

Bridge Authority Chairman Richard A. Gerentine said “These bridges provide a vital link to communities on both sides of the Hudson River.  Keeping them safe, well maintained and at a reasonable cost is the core mission of the Bridge Authority and one which I believe we do extremely well.”

The Bridge Authority is in the second of the three year re-decking of the Newburgh-Beacon Bridge south span.  The $93 million project will replace the 34 year old bridge deck with one designed to last up to 50 years. 

The north span of the Newburgh-Beacon Bridge is also in the final year of a lead abatement and repainting project that will protect the steel infrastructure for decades to come.

Moody’s noted that the ”NYSBA assets serve an essential role in the state's economy, linking major population centers as well as serving as an important part of the interstate transportation network.”

An Aa3 rating means Moody’s analysts have determined that bonds issues by the Bridge Authority are “Rated as high quality and subject to very low credit risk.”
Maintaining a high rating allows the Bridge Authority to borrow money for large projects at lower costs.  These savings are passed on to motorists by keeping tolls low.
The Bridge Authority repays bonds and funds almost all costs by collecting tolls at its bridges.  The Authority does not receive any federal, state or local tax revenue for maintenance or operations.
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