Standard&Poor's Ratings Services raised its rating to 'AAA/A-1' from 'A/A-1' on Metropolitan Transportation Authority (MTA), N.Y.'s series 2005E-1 and 2005E-3 transportation revenue variable-rate bonds. At the same time, we assigned our 'AA-' underlying rating (SPUR) to the bonds. The outlook on the SPUR is stable. These actions reflect the Aug. 27, 2015 replacement of the letters of credit (LOCs) provided by Bank of America N.A. for the series 2005E-1 bonds and PNC Bank N.A. for the series 2005E-3 bonds, with new LOCs provided by Bank of Montreal, acting through its Chicago branch, and the application of our joint criteria using low correlation. The long-term component of the ratings reflects our view of the LOCs provided by the respective
