Summary: Metropolitan Transportation Authority, New York; Gas Tax; Joint Criteria

S&P Global Ratings assigned its 'AA' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s subseries 2002B-1 dedicated tax fund (DTF) bonds. The outlook is negative. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the MTA's outstanding DTF bonds based on our "Priority-Lien" criteria (published Oct. 22, 2018, on RatingsDirect). We also affirmed our 'AAA/A-1+' rating on the series 2008A-1 and 'AA+/A-1' rating on the subseries 2002B-1, 2008A-2b, and 2008B-3c DTF variable-rate refunding bonds based on a joint support with a letter of credit (LOC). The outlook on the long-term rating is negative. Following completion of this remarking, we will withdraw our existing 'AA+/A-1' rating on the subseries 2002B-1 bonds. The MTA also

...S&P Global Ratings assigned its '##' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s subseries 2002B-1 dedicated tax fund (DTF) bonds. The outlook is negative. At the same time, we affirmed our '##' long-term rating and underlying rating (SPUR) on the MTA's outstanding DTF bonds based on our "Priority-Lien" criteria (published Oct. 22, 2018, on RatingsDirect). We also affirmed our '###/A-1+' rating on the series 2008A-1 and '##+/A-1' rating on the subseries 2002B-1, 2008A-2b, and 2008B-3c DTF variable-rate refunding bonds based on a joint support with a letter of credit (LOC). The outlook on the long-term rating is negative. Following completion of this remarking, we will withdraw our existing '##+/A-1' rating on the subseries 2002B-1 bonds. The MTA also has DTF bond anticipation notes (BANs) outstanding totaling $750 million maturing March 1, 2022 that we rate 'SP-1+.' The negative outlook on the bonds reflects our negative outlook on the State of New York's...

Summary