Summary: Metropolitan Transportation Authority, New York; Gas Tax; Note

Standard&Poor's Ratings Services has assigned its 'SP-1+' short-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s dedicated tax fund (DTF) bond anticipation notes (BANs), series 2015A. At the same time, Standard&Poor's affirmed its 'AA' long-term rating on the authority's dedicated tax bonds outstanding. The notes are payable from the proceeds of additional notes or long-term bonds that are authorized to be issued in advance of the note maturity date of May 1, 2016. The notes are not secured by other pledged amounts that secure DTF bonds. The notes will fund various existing or approved transit and commuter capital projects as authorized and approved by the MTA. This is the first series of BANs issued under the

...Standard & Poor's Ratings Services has assigned its 'SP-1+' short-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s dedicated tax fund (DTF) bond anticipation notes (BANs), series 2015A. At the same time, Standard & Poor's affirmed its '##' long-term rating on the authority's dedicated tax bonds outstanding. The notes are payable from the proceeds of additional notes or long-term bonds that are authorized to be issued in advance of the note maturity date of May 1, 2016. The notes are not secured by other pledged amounts that secure DTF bonds. The notes will fund various existing or approved transit and commuter capital projects as authorized and approved by the MTA. This is the first series of BANs issued under the DTF credit structure. The DTF bonds that will ultimately retire the notes are special obligations of the MTA, part of about $5 billion of parity bonds, and payable from a first claim on amounts in the MTA DTF, an account held by the MTA, but separate and...

Summary