Summary: Metropolitan Transportation Authority; Joint Criteria; Transit

S&P Global Ratings raised its long-term rating and SPUR on the Metropolitan Transportation Authority (MTA), N.Y.'s transportation revenue bonds (TRBs) outstanding to 'A-' from 'BBB+'. We upgraded the long-term component of our dual ratings on various MTA variable-rate TRBs with enhancement by letters of credit (LOCs) from The Toronto-Dominion Bank to 'AA' from 'AA-', while the short-term component remained at 'A-1+'. We upgraded the long-term component of our dual ratings on various MTA variable-rate TRBs with enhancement by LOCs from Bank of America N.A., Bank of Montreal, Barclays Bank PLC, and PNC Bank N.A. to 'AA' from 'AA-', while the short-term component remained at 'A-1'. The outlook, where applicable, is positive. The upgrade is driven by a combination of improving

...+ S&P Global Ratings raised its long-term rating and SPUR on the Metropolitan Transportation Authority (MTA), N.Y.'s transportation revenue bonds (TRBs) outstanding to 'A-' from '###+'. + We upgraded the long-term component of our dual ratings on various MTA variable-rate TRBs with enhancement by letters of credit (LOCs) from The Toronto-Dominion Bank to '##' from '##-', while the short-term component remained at 'A-1+'. + We upgraded the long-term component of our dual ratings on various MTA variable-rate TRBs with enhancement by LOCs from Bank of America N.A., Bank of Montreal, Barclays Bank PLC, and PNC Bank N.A. to '##' from '##-', while the short-term component remained at 'A-1'. + The outlook, where applicable, is positive. + The upgrade is driven by a combination of improving ridership, increased financial flexibility and operating stability resulting from the State of New York's decision to increase the Payroll Mobility Tax (PMT) to enhance one of MTA's recurring revenue sources...

Summary