TARRYTOWN, N.Y. (AP) — A second major rating agency has downgraded the credit of the New York Thruway Authority over funding for a new Tappan Zee Bridge.
Friday's cut by Moody's Investor Service came as Gov. Andrew Cuomo was making his first visit to the construction site of the $3.9 billion project.
Moody's noted that the Thruway is relying on as-yet-undetermined toll increases to support the bridge's construction. It said finances would suffer if tolls don't go up quickly enough.
The downgrade is from an A1 rating to A2.
Last month, Standard & Poor's Ratings Service reduced the rating for Thruway bonds from A+ to A, also citing toll increases.
The governor's office said a statement would come later. Cuomo said earlier Friday it's too soon to determine what the new toll will be.