The restructuring of three series of variable-rate demand bonds totaling $500 million by New York’s Triborough Bridge and Tunnel Authority is a credit-positive because it eliminates the risk of failed remarketings related to the credit of failed Dexia Credit Local, Moody’s Investors Service said in a report.

The VRDBs have been substituted and restructured into nine subseries of bonds supported by letters of credit from the California Public Employees Retirement System, the California State Teachers Retirement System and US Bank.

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