Standard&Poor's Ratings Services raised its rating on Metropolitan Transportation Authority (MTA), N.Y.'s series 2005E-2 transportation revenue variable-rate bonds to 'AA-/A-1+' from 'A+/A-1'. This action reflects a new letter of credit (LOC) provided by Royal Bank of Canada that is substituted for a previous LOC provided by JPMorgan Chase Bank N.A. The long- and short-term components of the rating reflect the long- and short-term ratings on Royal Bank of Canada. Simultaneous with the substitution, the MTA intends to appoint RBC Capital Markets LLC as the remarketing agent for the bonds, replacing JPMorgan Securities LLC. The appointment of the new remarketing agent does not have an effect on the rating. The LOC includes 53 days' interest calculated at the maximum
