NJ.com reports that PANYNJ officials have remained quiet about the effect Manhattan congestion zone tolling will have on bridge and tunnel traffic and their agency’s toll revenue stream. Pressed by reporters and New Jersey Governor Phil Murphy (D), who’s looking to boost his case against congestion pricing, port authority officials have promised to release relevant data.
NJ.com notes that last month — not yesterday, as the article incorrectly states — Fitch Ratings analysts commented that the congestion pricing program will likely lead to drops in toll revenue at some New York City bridges and tunnels, but that’s unlikely to have negative rating consequences. “Negative ratings actions are unlikely for [MTA Bridges and Tunnels] and Port Authority of New York and New Jersey (PANYNJ), as varied revenue streams support their financial profiles. Both [MTA] and PANYNJ have substantial financial cushions to absorb traffic declines and maintain their current ratings,” Fitch advised. Fitch concurrently issued a positive credit rating report on PANYNJ.