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Fitch to Confirm the ST Rating Assigned to TBTA General Rev Var-Rate Refunding Bonds Ser 2002F

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NEW YORK--(BUSINESS WIRE)--

On the effective date of Nov. 1, 2012, Fitch Ratings will confirm the 'F1+' short-term rating assigned to the Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) general revenue variable rate refunding bonds, series 2002F (the bonds). The rating action is in connection with the replacement of the Standby Bond Purchase Agreement (SBPA) provided by ABN AMRO N.V. (rated 'A+/F1+, Stable Outlook) which currently provides liquidity support for the bonds with a SBPA issued by Landesbank Hessen-Thuringen, New York Branch (Helaba, rated, 'A+/F1+', Stable Outlook). A mandatory tender of the bonds is scheduled to occur on Nov. 1, 2012.

On the effective date the 'AA-' long-term rating assigned to the bonds will continue to be based solely on the rating assigned by Fitch to the general revenue bonds of the Triborough Bridge and Tunnel Authority and the short-term 'F1+' rating will be based on the liquidity support provided by Helaba, in the form of an SBPA. The SBPA is sufficiently sized to provide for the payment of the principal component of purchase price plus an amount equal to 35 days of interest calculated at a maximum rate of 12%, based on a year of 365 days for tendered bonds during the daily or weekly rate modes in the event that the proceeds of a remarketing of the bonds are insufficient to pay the purchase price following an optional or mandatory tender. The substitute SBPA will expire on (i) Nov. 1, 2015, the stated expiration date, unless such date is extended, (ii) conversion to a mode other than the daily or weekly rate, or (iii) the occurrence of certain other events of default which result in a mandatory tender or other termination events related to the credit of the bonds which result in an automatic and immediate termination. The short-term 'F1+' rating will expire upon the expiration or termination of the SBPA. The short-term rating may be adjusted upward or downward in conjunction with the long-term rating of the bonds or the short-term rating of the bank. J.P. Morgan Securities, Inc. is the remarketing agent for the bonds.

For more information on the long-term rating, see the report dated July 31, 2012, available on Fitch's website at www.fitchratings.com.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Criteria', Feb. 8, 2012;

--'Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support', Feb. 1, 2012.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570

Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=668369

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
Primary Analyst
Linda Friedman, +1-212 908-0727
Senior Director
Fitch, Inc.
One State Street
New York, NY 10004
or
Secondary Analyst
Mario Civico, +1-212-908-0796
Senior Director
or
Chairperson
Ronald P. McGovern, +1-212-908-0513
Senior Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

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