ALBANY, N.Y. (AP) -- New York Gov. Andrew Cuomo says a $1.6 billion federal loan has been approved for replacing the Tappan Zee Bridge over the Hudson River north of New York City.
Cuomo, in a radio interview Thursday, says construction is proceeding. The cost has been estimated at $3.9 billion.
Asked about the expected tolls for drivers, he says other questions need to be answered first including actual construction costs and the time required, which will affect the financing costs.
Standard & Poor's Ratings Service on Tuesday downgraded the rating for bonds sold by the Thruway Authority from A+ to A over concerns about how much tolls will increase.
Cuomo had once sought a low-cost federal loan to cover 49 percent of the project, but the Transportation Department has since limited the loans to 33 percent.
- Andrew Cuomo
- Tappan Zee Bridge