Fitch Ratings withdraws the 'AAA/F1+' rating on the following bonds:
--Triborough Bridge & Tunnel Authority (NY) general revenue variable rate bonds series 2003B-2.
The long-term rating assigned to the bonds is revised to 'AA-' with a Stable Outlook based on the underlying rating assigned by Fitch to Triborough Bridge & Tunnel Authority's toll revenue bonds.
The rating withdrawal is in connection with the conversion of the bonds from the Weekly Mode to the Term Rate Mode and termination of the California State Teachers' Retirement System letter of credit (LOC) supporting the bonds. The mandatory tender and termination of the LOC occurred on Jan. 28, 2015.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research
--'Rating Guidelines for Letter of Credit-Supported Bonds and Commercial Paper' (June 2, 2014);
--'Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds' (March 8, 2013).
Applicable Criteria and Related Research:
Rating Guidelines for Letter of Credit-Supported Bonds and Commercial Paper
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749431
Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701572
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=978840
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