Metropolitan Transportation Authority, New York; Joint Criteria; Note; Transit

S&P Global Ratings assigned its 'SP-1' short-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s proposed $200 million series 2019F transportation revenue bond anticipation notes. At the same time, S&P Global Ratings affirmed its: 'A' issuer credit rating (ICR) and 'a' stand-alone credit profile (SACP) on the MTA; 'A' long-term rating and underlying rating (SPUR) on the MTA's previously issued transportation revenue bonds (TRBs; outlook negative); 'AA/A-1', 'AA+/A-1', and 'AA+/A-1+' dual ratings on the MTA's various TRBs outstanding, reflecting the application of our joint criteria, assuming low correlation, and reflecting our 'A' SPUR on the MTA's existing TRBs; and 'SP-1' short-term rating on the MTA's previously issued transportation revenue bond anticipation notes (BANs). The negative outlook on the TRBs reflects

...S&P Global Ratings assigned its 'SP-1' short-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s proposed $200 million series 2019F transportation revenue bond anticipation notes. At the same time, S&P Global Ratings affirmed its: + 'A' issuer credit rating (ICR) and 'a' stand-alone credit profile (SACP) on the MTA; + 'A' long-term rating and underlying rating (SPUR) on the MTA's previously issued transportation revenue bonds (TRBs; outlook negative); + '##/A-1', '##+/A-1', and '##+/A-1+' dual ratings on the MTA's various TRBs outstanding, reflecting the application of our joint criteria, assuming low correlation, and reflecting our 'A' SPUR on the MTA's existing TRBs; and + 'SP-1' short-term rating on the MTA's previously issued transportation revenue bond anticipation notes (BANs). The negative outlook on the TRBs reflects our view that we could lower the rating if the authority is unable to return debt service coverage (DSC; S&P Global Ratings-calculated) to 1x or...

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