Metropolitan Transportation Authority, NY Revenue Bond Rating Lowered To 'A-' On Pandemic's Effects

SAN FRANCISCO (S&P Global Ratings) March 24, 2020--S&P Global Ratings lowered its long-term rating and underlying rating to 'A-' from 'A' on the Metropolitan Transportation Authority (MTA, or the MTA), N.Y.'s transportation revenue bonds (TRBs) outstanding and assigned its 'A-' long-term rating to the MTA's proposed $800 million series 2020C TRBs. At the same time, we lowered our issuer credit rating to 'A-' from 'A' on the MTA, and our stand-alone credit profile (SACP) to 'a-' from 'a' on the MTA. The outlook, where applicable, is negative. We also took the following rating actions on the MTA's various variable-rate TRBs outstanding with enhancement by letters of credit, where the long-term rating reflects the application of joint criteria assuming low correlation:

...SAN FRANCISCO (S&P Global Ratings) March 24, 2020--S&P Global Ratings lowered its long-term rating and underlying rating to 'A-' from 'A' on the Metropolitan Transportation Authority (MTA, or the MTA), N.Y.'s transportation revenue bonds (TRBs) outstanding and assigned its 'A-' long-term rating to the MTA's proposed $800 million series 2020C TRBs. At the same time, we lowered our issuer credit rating to 'A-' from 'A' on the MTA, and our stand-alone credit profile (SACP) to 'a-' from 'a' on the MTA. The outlook, where applicable, is negative. We also took the following rating actions on the MTA's various variable-rate TRBs outstanding with enhancement by letters of credit, where the long-term rating reflects the application of joint criteria assuming low correlation: - We lowered our dual rating to '##/A-1+' from '##+/A-1+' on the MTA's series 2012G-2 and 2002G-1G variable rate TRBs, with enhancement by letters of credit from Toronto Dominion Bank, and on the MTA's series 2015E-1 variable-rate...

Ratings Action