...NEW YORK (S&P Global Ratings) June 13, 2017--S&P Global Ratings assigned its '###/A-1+' ratings to Metropolitan Transportation Authority (MTA), N.Y.'s series 2008A-1 dedicated tax fund (DTF) variable-rate refunding bonds. At the same time, S&P Global Ratings assigned its '##' underlying rating (SPUR) to the bonds. The outlook on the long-term ratings is stable. These actions reflect the June 14, 2017, replacement of the letter of credit (LOC) provided by Royal Bank of Canada with a new LOC provided by TD Bank N.A., and the application of our joint criteria using low correlation. Under the new LOC, TD Bank N.A. fully supports all bond payment obligations when the bonds are in the daily and weekly interest rate reset modes. Therefore, our ratings apply only during these rate modes. The '###' long-term component of the rating reflects our view of the joint support provided by TD Bank N.A., the LOC provider, in the form of an irrevocable direct-pay LOC and the SPUR on MTA, the obligor, assuming...
