S&P Global Ratings assigned its 'SP-1+' rating to the Metropolitan Transportation Authority (MTA), N.Y.'s approximately $700 million dedicated tax fund (DTF) bond anticipation notes (BANs), series 2016A (which will consist of a subseries 2016A-1 and subseries 2016A-2). At the same time, S&P Global Ratings affirmed its 'AA' long-term rating, with a stable outlook, on the authority's DTF bonds outstanding. We also affirmed our 'AA+/A-1' rating on the authority's series 2002B-1 DTF variable-rate bonds based on a joint support with a letter of credit (for more information on this series please see our analysis published March 14, 2016, on Ratings Direct). The outlook on the long-term rating is stable. The notes are payable from the proceeds of additional notes or long-term
