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For Immediate Release
July 16, 2013

S&P Gives Bridge Authority High Marks

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 July 1st 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 that our actions have been judged to be in the best interest of the Authority can be  reassuring to the public,” Ruggiero said.

“Over its 81-year history, the Bridge Authority has played an important role throughout the Hudson Valley.  Linking our communities and providing safe, reliable, low-cost transportation over Hudson River is our mission and one in which we all take a lot of pride”, said Authority Chairman Richard A. Gerentine.

The independent rating agency cautioned that poor weather, rising fuel prices and relatively flat traffic numbers 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.” 

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Standard & Poor’s Rating Service, Ratings Direct, July 1, 2013