Fitch Ratings has affirmed the 'BBB' rating on the $460.9 million private activity bonds issued by the New Jersey Economic Development Authority on behalf of NYNJ Link for the Goethals Bridge Replacement Project.
In addition, Fitch has affirmed the 'BBB' rating on the $473.7 million (excluding capitalized interest) Transportation Infrastructure Finance and Innovation Authority loan to NYNJ Link.
The rating affirmation reflects the project's achievement of final completion by the end of 2018 and stable initial operating performance in the first year of operation.
The rating further reflects a stable revenue stream from a highly rated revenue off-taker, the Port Authority of New York and New Jersey. In addition, the project's operations are self-performed by the developer, which brings with them significant experience on similar assets. Projected financial metrics for the operating period under Fitch's rating case are within the indicative guidance range for the rating category.
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