Standard and Poor's Rating Services assigned its 'AAA/A-1' rating to Metropolitan Transportation Authority (MTA), N.Y.'s series 2002B-1 dedicated tax fund variable-rate. At the same time, Standard&Poor's assigned its 'AA' underlying rating (SPUR) to the bonds. The outlook on the SPUR is stable. These assignments reflect the March 23, 2016, replacement of the letter of credit (LOC) provided by State Street Bank and Trust Co. with a new LOC provided by Bank of Tokyo Mitsubishi UFJ Ltd., acting through its New York branch, and the application of our joint criteria using low correlation. The long-term component of the rating reflects our view of the LOC provided by Bank of Tokyo--as well as the joint support provided by Bank of
