S&P Global Ratings has assigned its 'AA' rating and stable outlook to the Metropolitan Transportation Authority (MTA), N.Y.'s $82.58 million dedicated tax fund (DTF) refunding bonds subseries 2008A-2a (floating-rate tender refunding bonds), based on an expected remarketing on May 25 into a term mode with a weekly variable interest based on an adjusted Securities Industry and Financial Markets Association rate index. After remarketing, the 2008A-2a bonds will be subject to mandatory repurchase on a mandatory purchase date before their final maturity. The 2008A-2a bonds are due on Nov. 1, 2026. If there is an unsuccessful remarketing on a mandatory purchase date, the bonds will bear a 9% interest rate. The 'AA' rating on the bonds reflects what we view as:
