...November 5, 2024 NEW YORK (S&P Global Ratings) Nov. 5, 2024--S&P Global Ratings assigned its '##/A-1' dual rating and 'A-' underlying rating (SPUR) to Metropolitan Transportation Authority (MTA), N.Y.'s remarketed $65.9 million subseries 2005D-2 transportation revenue variable-rate bonds and $69.65 million subseries 2012G-4 transportation revenue variable rate refunding bonds (remarketing bonds), based on the substitution of the existing letter of credit (LOC) provider Bank of Montreal (A+/Stable/A-1) with a new LOC provided by Bank of America N.A. (A+/Stable/A-1/). The outlook, where applicable, is positive. The rating action reflects the Nov. 13, 2024, remarketing of the bonds. "The underlying rating reflects an essential extensive transit system that serves the congested populous New York metropolitan statistical area that receives significant ongoing tax-supported subsidies for operations and debt service, and has a high debt burden and underperforming farebox revenue," said S&P Global...
