Metropolitan Transportation Authority Of New York Series 2020B-1 Bonds Assigned 'AA-/A-1' Dual Rating, 'BBB+' SPUR

NEW YORK (S&P Global Ratings) March 24, 2021--S&P Global Ratings assigned its 'AA-/A-1' dual rating and 'BBB+' underlying rating (SPUR) to Metropolitan Transportation Authority of New York's (MTA) $66.57 million transportation revenue variable-rate refunding bonds, series 2020B-1. The outlook, where applicable, is stable. The 'AA-' long-term component of the rating reflects the application of our joint criteria and assumes low-correlation between the obligor, MTA (BBB+/Stable) and our long-term issuer credit rating on PNC Bank N.A. (A/Stable/A-1), and addresses our expectation of full and timely interest and principal payments when the bondholders have not exercised the put option. The 'A-1' short-term component of the rating is based solely on our short-term issuer credit rating on PNC Bank N.A. and addresses our

...March 24, 2021 NEW YORK (S&P Global Ratings) March 24, 2021--S&P Global Ratings assigned its '##-/A-1' dual rating and '###+' underlying rating (SPUR) to Metropolitan Transportation Authority of New York's (MTA) $66.57 million transportation revenue variable-rate refunding bonds, series 2020B-1. The outlook, where applicable, is stable. The '##-' long-term component of the rating reflects the application of our joint criteria and assumes low-correlation between the obligor, MTA (###+/Stable) and our long-term issuer credit rating on PNC Bank N.A. (A/Stable/A-1), and addresses our expectation of full and timely interest and principal payments when the bondholders have not exercised the put option. The 'A-1' short-term component of the rating is based solely on our short-term issuer credit rating on PNC Bank N.A. and addresses our expectation of full and timely interest and principal payments when the bondholders have exercised the put option. The '###+' SPUR reflects a very strong enterprise...

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