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Credit Summary

Bay Area Toll Authority (CA)

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance


1			2			3			4			5

01Ratings

Rating	Action	Date	Type
AA	Affirmed	07-Feb-2025	Long Term Issuer Default Rating

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red

Rating History

Long Term Issuer Default Rating

Date :	07-Feb-2025	03-Sep-2024	16-Feb-2024
Rating :	AA	AA	AA
Action :	Affirmed	Review - No Action	New Rating

02Rating Actions

Rating Action Commentary / Wed 14 May, 2025

��ֳ� Withdraws Rating on Bay Area Toll Authority (CA) San Francisco Bay Area Toll Bridge Rev Bonds

Rating Action Commentary / Thu 24 Apr, 2025

��ֳ� Affirms Bay Area Toll Authority, CA's Toll Bridge Revs at 'AAA'/'F1'

Rating Action Commentary / Fri 14 Feb, 2025

Correction: ��ֳ� Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Rating Action Commentary / Fri 07 Feb, 2025

��ֳ� Rates BATA's Series 2025 Sr Toll Revs 'AA' and SubRevs 'AA-'; Affirms Outstanding Rev Bonds

Rating Action Commentary / Wed 30 Oct, 2024

��ֳ� Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Rating Action Commentary / Wed 16 Oct, 2024

��ֳ� Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Rating Action Commentary / Fri 06 Sep, 2024

��ֳ� Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Rating Action Commentary / Mon 24 Jun, 2024

��ֳ� Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Rating Action Commentary / Thu 20 Jun, 2024

��ֳ� Rates BATA's Sr Revs Series 2024 H&I Bank Bonds 'AA'; Outlook Stable

Rating Action Commentary / Thu 20 Jun, 2024

��ֳ� Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

03Insights

Rating Report / Thu 20 Feb, 2025

Bay Area Toll Authority (CA)

Navigator Report / Thu 16 May, 2019

Bay Area Toll Authority (CA) - ESG Navigator

Rating Action Report / Wed 20 Dec, 2017

��ֳ� Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Rating Action Report / Fri 29 Sep, 2017

��ֳ� Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Rating Action Report / Thu 31 Aug, 2017

��ֳ� Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Rating Action Report / Fri 30 Jun, 2017

��ֳ� Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Non-Rating Action Commentary / Fri 09 Jun, 2017

��ֳ� to Take Various Actions on Bay Area Toll Authority Toll Bridge VRBs Ser 2007 G-1

Rating Action Report / Tue 02 May, 2017

��ֳ� Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Rating Action Report / Thu 15 Dec, 2016

��ֳ� Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs

Rating Action Report / Mon 21 Nov, 2016

��ֳ� Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs

04Securities and Obligations

Ratings

Security: Bay Area Toll Authority (CA) / Toll Revenues - First Lien
Issuer: Bay Area Toll Authority (CA)
Bond: (Bay Area Toll Bridges) fixed-rate toll bridge rev bonds ser 2009F-2
Series: 2009F-2

07-Feb-2025
AA
Affirmed
Long Term Rating

07-Feb-2025
AA
Affirmed
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Infrastructure and Project Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 072024ND0
ISIN: US072024ND01

Maturity Date: 01-Apr-2049
Currency: USD
Amount: 0
Security LTR: AA

Security: Bay Area Toll Authority (CA) / Toll Revenues - First Lien
Issuer: Bay Area Toll Authority (CA)
Bond: (Bay Area Toll Bridges) var-rate demand toll bridge rev bonds ser 2007 D-2 (LOC: Bank of America, N.A.)
Series: 2007 D-2

12-Feb-2025
AAA
Affirmed
Long Term Rating

20-Jun-2024
F1+
Affirmed
Short Term Rating

07-Feb-2025
AA
Affirmed
Unenhanced Long Term Rating

20-Jun-2024
AA
Affirmed
Enhanced Long Term Rating

20-Jun-2024
F1+
Affirmed
Enhanced Short Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Infrastructure and Project Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 072024KC5 (Public)
ISIN: US072024KC54 (Public)

Maturity Date: 01-Apr-2047
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA

Security: Bay Area Toll Authority (CA) / Toll Revenues - First Lien
Issuer: Bay Area Toll Authority (CA)
Bond: (San Francisco Bay Area) fixed-rate toll bridge rev bonds ser 2017F-1
Series: 2017F-1

07-Feb-2025
AA
Affirmed
Long Term Rating

07-Feb-2025
AA
Affirmed
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Infrastructure and Project Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 072024UH3 (Public)

Maturity Date: 01-Apr-2056
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA

Security: Bay Area Toll Authority (CA) / Toll Revenues - First Lien
Issuer: Bay Area Toll Authority (CA)
Bond: (San Francisco Bay Area) fixed-rate toll bridge rev bonds ser 2017F-1
Series: 2017F-1

07-Feb-2025
AA
Affirmed
Long Term Rating

07-Feb-2025
AA
Affirmed
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Infrastructure and Project Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 072024UG5 (Public)

Maturity Date: 01-Apr-2056
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA

Security: Bay Area Toll Authority (CA) / Toll Revenues - First Lien
Issuer: Bay Area Toll Authority (CA)
Bond: (San Francisco Bay Area) toll bridge rev bonds (taxable) ser 2019F-1
Series: 2019F-1

07-Feb-2025
AA
Affirmed
Long Term Rating

07-Feb-2025
AA
Affirmed
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Infrastructure and Project Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 072024WT5 (Public)

Maturity Date: 01-Apr-2054
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA

Security: Bay Area Toll Authority (CA) / Toll Revenues - First Lien
Issuer: Bay Area Toll Authority (CA)
Bond: (San Francisco Bay Area) toll bridge rev bonds (taxable) ser 2019F-1
Series: 2019F-1

07-Feb-2025
AA
Affirmed
Long Term Rating

07-Feb-2025
AA
Affirmed
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Infrastructure and Project Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 072024WR9 (Public)

Maturity Date: 01-Apr-2026
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA

Security: Bay Area Toll Authority (CA) / Toll Revenues - First Lien
Issuer: Bay Area Toll Authority (CA)
Bond: (San Francisco Bay Area) toll bridge rev bonds (taxable) ser 2019F-1
Series: 2019F-1

07-Feb-2025
AA
Affirmed
Long Term Rating

07-Feb-2025
AA
Affirmed
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Infrastructure and Project Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 072024WS7 (Public)

Maturity Date: 01-Apr-2031
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA

Security: Bay Area Toll Authority (CA) / Toll Revenues - First Lien
Issuer: Bay Area Toll Authority (CA)
Bond: (San Francisco Bay Area) toll bridge rev bonds (taxable) ser 2021F-3
Series: 2021F-3

07-Feb-2025
AA
Affirmed
Long Term Rating

07-Feb-2025
AA
Affirmed
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Infrastructure and Project Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 072024XW7 (Public)

Maturity Date: 01-Apr-2055
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA

Security: Bay Area Toll Authority (CA) / Toll Revenues - First Lien
Issuer: Bay Area Toll Authority (CA)
Bond: (San Francisco Bay Area) toll bridge rev bonds ser 2001A
Series: 2001A

07-Feb-2025
AA
Affirmed
Long Term Rating

07-Feb-2025
AA
Affirmed
Unenhanced Long Term Rating

11-Jan-2013
WD
Withdrawn
Short Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Infrastructure and Project Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 072024ST0 (Public)

Maturity Date: 01-Apr-2036
Currency: USD
Amount: 150,000,000
Placement: Public
Security LTR: AA

Security: Bay Area Toll Authority (CA) / Toll Revenues - First Lien
Issuer: Bay Area Toll Authority (CA)
Bond: (San Francisco Bay Area) toll bridge rev bonds ser 2017A (term rate)
Series: 2017A (term rate)

07-Feb-2025
AA
Affirmed
Long Term Rating

07-Feb-2025
AA
Affirmed
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Infrastructure and Project Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 072024UJ9 (Public)

Maturity Date: 01-Apr-2047
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA

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05Disclosures

Endorsement Status
EU Endorsed, UK Endorsed

Country of ��ֳ� Office
United States

Solicitation Status
Long Term Rating	Solicited - Sell Side
Short Term Rating	Solicited - Sell Side
Enhanced Long Term Rating	Solicited - Sell Side
Enhanced Short Term Rating	Solicited - Sell Side
Unenhanced Long Term Rating	Solicited - Sell Side

06Criteria

08Jan
2025

Active Criteria

U.S. Public Finance Structured Finance Rating Criteria

08Jan
2025

Active Criteria

Infrastructure & Project Finance Rating Criteria

07Jan
2025

Active Criteria

Transportation Infrastructure Rating Criteria

13Dec
2024

Active Criteria

U.S. Public Finance Letter of Credit-Supported Bonds and Commercial Paper Rating Criteria

12Dec
2024

Active Criteria

U.S. Public Finance Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support Rating Criteria

07Analysts

Natalie Wang
Primary Rating Analyst

Scott Monroe, CFA
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5		Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4		Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3		Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2		Irrelevant to the entity rating but relevant to the sector.
1		Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red