...NEW YORK (S&P Global Ratings) July 6, 2017--S&P Global Ratings said today that its '##-' long-term rating and underlying rating (SPUR) on the Metropolitan Transportation Authority (MTA), N.Y.'s previously issued transportation revenue bonds (TRBs) and its '##-' issuer credit rating (ICR) on the MTA are not affected by the June 29, 2017 state of emergency declaration by Governor Andrew M. Cuomo for the MTA. The declaration--in the form of an executive order--was in response to the governor's view of the MTA subway system's growing rehabilitation and repair needs, reduced system reliability, and increasing frequency of system breakdowns, in particular the recent disruptions at Penn Station related to an Amtrak derailment and the subsequent repairs underway. Compounding the problems is record subway ridership, which reached 1.8 billion passengers in 2016, up 18% from 1.5 billion just 10 years ago. MTA reports that subway ridership was down 1.99% (566 million riders) versus budget (577 million)...
