Thu September 20, 2012
Cuomo Worries No Toll Hike Means Credit Downgrade for Thruway Authority
Governor Cuomo defended the concept of a proposed 45% truck toll hike on the New York Thruway, saying that without it, the authority could suffer a bond rating downgrade at a critical time.
The Thruway Authority has not yet rescheduled a meeting that could adopt the 45% toll hike on trucks. Governor Cuomo, who hired the executive director of the Authority, says he has not spoken with anyone at the Thruway Authority about the toll hike proposal. The governor says he is concerned, though, that the Authority could face a bond rating downgrade if it does not impose the toll hike.
“It’s easy to say ‘there should be no toll increase’,” Cuomo said. “It’s harder to say ‘we need to keep the finances of the Thruway Authority stable’.”
The governor is in the midst of a major project to replace the Thruway’s Tappan Zee Bridge that will involve selling billions of dollars in bonds.