S&P Global Ratings assigned its 'AA' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s series 2024B dedicated tax fund (DTF) green bonds, including Subseries 2024B-1 and Subseries 2024B-2. The outlook on the long-term ratings is stable. DTF bonds are secured by a lien on dedicated transportation-related taxes and fees that are levied statewide or on the vast and diverse MTA system and appropriated by the state to the DTF. State appropriations to the DTF are statutorily distributed from two transportation-dedicated tax sources: dedicated state mass transportation trust fund (MTTF) receipts, used by the MTA primarily for capital funding; and metropolitan mass transit operating assistance fund (MMTOAF) receipts, which it uses primarily for operations. State MTTF and MMTOAF tax revenue
