...SAN FRANCISCO (S&P Global Ratings) April 4, 2019--S&P Global Ratings said today that the recent adoption of the New York State fiscal 2020 budget is a positive development for the Metropolitan Transportation Authority (MTA; A/Negative), but additional details are needed before we can fully incorporate the financial implications into our view of the credit. In our view, lawmakers took a significant step in identifying what could be a significant capital funding solution for the MTA. For several years running, MTA, state, and city officials identified congestion pricing as the key solution for the MTA's significant capital needs and growing surface street congestion, but until recently the concept lacked broad support, including critical backing from New York City Mayor Bill de Blasio. Now approved as part of the state's newly enacted budget, albeit with specific details still pending, the congestion pricing plan will be the country's first, estimated to generate $1 billion annually, net...
