...Standard & Poor's Ratings Services has assigned its '##-' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s transportation revenue bonds (TRB) series 2015A. The outlook is stable. Bond proceeds will finance transit and commuter projects included in the MTA's approved capital programs. The bonds will consist of two subseries -- $400 million 2015A-1 fixed-rate bonds and $100 million 2015A-2 SIFMA floating-rate tender notes (FRN). The FRNs will have a mandatory tender put in three-to-five years. In case of a failed remarketing of the 2015A-2 bonds, there are only soft puts, whereby the interest rates will increase to no higher than 10% until the bonds are remarketed. At the same time, Standard & Poor's affirmed its '##-' issuer credit rating (ICR) and '##-' long-term rating on the MTA's TRBs outstanding. As well, Standard & Poor's affirmed its '###/A-1' rating on the authority's series 2005D TRBs, reflecting the application of its joint criteria with low correlation....
