Metropolitan Transportation Authority of New York Revenue Bonds Assigned 'AA-/A-1' Dual And 'BBB+' Underlying Ratings

NEW YORK (S&P Global Ratings) Aug. 17, 2021--S&P Global Ratings assigned its 'AA-/A-1' dual rating and 'BBB+' underlying rating (SPUR) to the Metropolitan Transportation Authority of New York's (MTA) remarketed $146.3 million subseries 2005E-1 transportation revenue variable-rate bonds and $147.775 million subseries 2015E-1 transportation revenue variable-rate bonds. The dual rating reflects the application of our joint criteria, assuming low correlation, and our 'BBB+' SPUR on the MTA's existing transportation revenue bonds (TRBs). The outlook, where applicable, is stable. This action reflects the issuance of two separate irrevocable direct-pay letters of credit (LOCs) provided by Barclays Bank PLC for both subseries. At the same time, S&P Global Ratings affirmed the following ratings: 'BBB+' long-term rating and SPUR on the MTA's TRBs

...August 17, 2021 NEW YORK (S&P Global Ratings) Aug. 17, 2021--S&P Global Ratings assigned its '##-/A-1' dual rating and '###+' underlying rating (SPUR) to the Metropolitan Transportation Authority of New York's (MTA) remarketed $146.3 million subseries 2005E-1 transportation revenue variable-rate bonds and $147.775 million subseries 2015E-1 transportation revenue variable-rate bonds. The dual rating reflects the application of our joint criteria, assuming low correlation, and our '###+' SPUR on the MTA's existing transportation revenue bonds (TRBs). The outlook, where applicable, is stable. This action reflects the issuance of two separate irrevocable direct-pay letters of credit (LOCs) provided by Barclays Bank PLC for both subseries. At the same time, S&P Global Ratings affirmed the following ratings: - '###+' long-term rating and SPUR on the MTA's TRBs outstanding; - 'SP-2' short-term rating on the MTA's previously issued TRB bond anticipation notes (BANs); - '##-/A-1+' dual rating on...

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