Summary: Metropolitan Transportation Authority, New York; Gas Tax

S&P Global Ratings has affirmed its 'AA' rating and stable outlook on the Metropolitan Transportation Authority (MTA), N.Y.'s $54.47 million dedicated tax fund (DTF) refunding bonds subseries 2008B-3B (floating-rate tender notes), based on an expected remarketing into a term mode with a weekly variable interest rate based on an adjusted Securities Industry And Financial Markets Association rate index. After remarketing, the bonds will be subject to mandatory repurchase in three-to-five years, which will be determined at the time of pricing. If there is an unsuccessful remarketing on the mandatory repurchase date, the bonds will bear a 9% interest rate, which is their interest rate cap. At the same time, S&P Global Ratings has affirmed its 'AA' long-term and underlying ratings

...S&P Global Ratings has affirmed its '##' rating and stable outlook on the Metropolitan Transportation Authority (MTA), N.Y.'s $54.47 million dedicated tax fund (DTF) refunding bonds subseries 2008B-3B (floating-rate tender notes), based on an expected remarketing into a term mode with a weekly variable interest rate based on an adjusted Securities Industry And Financial Markets Association rate index. After remarketing, the bonds will be subject to mandatory repurchase in three-to-five years, which will be determined at the time of pricing. If there is an unsuccessful remarketing on the mandatory repurchase date, the bonds will bear a 9% interest rate, which is their interest rate cap. At the same time, S&P Global Ratings has affirmed its '##' long-term and underlying ratings on the MTA's parity DTF bonds outstanding. The outlook on the bonds is stable. The '##' rating on the bonds reflects what we view as:...

Summary