Moody's Wants New York to Raise Tolls on Thruway - NBC New York

Moody's Wants New York to Raise Tolls on Thruway

Moody's Investors Service is suggesting that tolls will have to go up by 2022

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    BUFFALO, NY - DECEMBER 14: Traffic slows while entering the New York state Thruway as lake effect snow bands again set up on December 14, 2010 in Buffalo, New York. (Photo by John Normile/Getty Images)

    What to Know

    • Moody's Investors Service is suggesting that tolls will have to go up by 2022

    • A moratorium on toll increases on the thruway and the bridge is set to expire at the end of 2020

    • The Thruway Authority could need an additional $53 million to cover its costs by 2022

    A credit ratings agency says the lack of a plan for toll increases on the New York State Thruway and on the new Gov. Mario M. Cuomo Bridge in the Hudson Valley could endanger the road's bond rating and borrowing costs.

    The Rochester Democrat and Chronicle reports that Moody's Investors Service is suggesting that tolls will have to go up by 2022.

    A moratorium on toll increases on the thruway and the bridge is set to expire at the end of 2020. The Thruway Authority could need an additional $53 million to cover its costs by 2022.

    Democratic Gov. Andrew Cuomo has used $2 billion in settlements from Wall Street firms to bail out the authority.

    AFP via Getty Images

    The authority hopes to save $300 million on bridge debt through refinancing.

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