Metropolitan Transportation Authority, NY Various Ratings Lowered On Weaker Coverage

SAN FRANCISCO (S&P Global Ratings) Aug. 9, 2018--S&P Global Ratings lowered its issuer credit rating (ICR) to 'A' from 'A+' on the Metropolitan Transportation Authority (MTA), N.Y. S&P Global Ratings also lowered its long-term rating and underlying rating (SPUR) to 'A' from 'A+' on the MTA's previously issued transportation revenue bonds (TRBs). In addition, S&P Global Ratings lowered its dual rating to 'AA/A-1' from 'AA+/A-1' on various other TRBs outstanding, reflecting the application of our joint criteria, assuming low correlation, and reflecting the lowering of the MTA SPUR to 'A' from 'A+'. S&P Global Ratings also lowered its stand-alone credit profile (SACP) to 'a' from 'a+' on the MTA, and its short-term rating to 'SP-1' from 'SP-1+' on the MTA's

...SAN FRANCISCO (S&P Global Ratings) Aug. 9, 2018--S&P Global Ratings lowered its issuer credit rating (ICR) to 'A' from 'A+' on the Metropolitan Transportation Authority (MTA), N.Y. S&P Global Ratings also lowered its long-term rating and underlying rating (SPUR) to 'A' from 'A+' on the MTA's previously issued transportation revenue bonds (TRBs). In addition, S&P Global Ratings lowered its dual rating to '##/A-1' from '##+/A-1' on various other TRBs outstanding, reflecting the application of our joint criteria, assuming low correlation, and reflecting the lowering of the MTA SPUR to 'A' from 'A+'. S&P Global Ratings also lowered its stand-alone credit profile (SACP) to 'a' from 'a+' on the MTA, and its short-term rating to 'SP-1' from 'SP-1+' on the MTA's previously issued transportation bond anticipation notes (BANs). The rating action on MTA's BANs reflected the lowering of the MTA SPUR to 'A' from 'A+'. S&P Global Ratings also assigned its 'A' long-term rating to MTA's proposed approximately...

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