Summary: Metropolitan Transportation Authority; Joint Criteria; Note; Transit

S&P Global Ratings lowered its issuer credit rating (ICR) to 'A' from 'A+' on the Metropolitan Transportation Authority (MTA), N.Y. S&P Global Ratings also lowered its long-term rating and underlying rating (SPUR) to 'A' from 'A+' on the MTA's previously issued transportation revenue bonds (TRBs). In addition, S&P Global Ratings lowered its dual rating to 'AA/A-1' from 'AA+/A-1' on various other TRBs outstanding, reflecting the application of our joint criteria, assuming low correlation, and reflecting the lowering of the MTA SPUR to 'A' from 'A+'. S&P Global Ratings also lowered its stand-alone credit profile (SACP) to 'a' from 'a+' on the MTA, and its short-term rating to 'SP-1' from 'SP-1+' on the MTA's previously issued transportation bond anticipation notes (BANs).

...S&P Global Ratings lowered its issuer credit rating (ICR) to 'A' from 'A+' on the Metropolitan Transportation Authority (MTA), N.Y. S&P Global Ratings also lowered its long-term rating and underlying rating (SPUR) to 'A' from 'A+' on the MTA's previously issued transportation revenue bonds (TRBs). In addition, S&P Global Ratings lowered its dual rating to '##/A-1' from '##+/A-1' on various other TRBs outstanding, reflecting the application of our joint criteria, assuming low correlation, and reflecting the lowering of the MTA SPUR to 'A' from 'A+'. S&P Global Ratings also lowered its stand-alone credit profile (SACP) to 'a' from 'a+' on the MTA, and its short-term rating to 'SP-1' from 'SP-1+' on the MTA's previously issued transportation bond anticipation notes (BANs). The rating action on MTA's BANs reflected the lowering of the MTA SPUR to 'A' from 'A+'. S&P Global Ratings also assigned its 'A' long-term rating to MTA's proposed approximately $220 million series 2018B transportation...

Summary