ALBANY, N.Y. (CBSNewYork/AP) — Standard & Poor’s Ratings Service has downgraded the credit rating for the New York State Thruway Authority, over concerns about toll increases after the new Tappan Zee Bridge is complete.
The rating service said Tuesday it has reduced the rating for bonds sold by the Thruway Authority from A+ to A. The agency said it acted because the authority has not detailed how much tolls will rise and traffic volume appears to be declining.READ MORE: Candidate Conversations: Eric Adams
Gov. Andrew Cuomo has pushed the $3.9 billion replacement project. Construction on the new bridge officially began this month.