Summary: Metropolitan Transportation Authority, New York; Joint Criteria

Standard&Poor's Ratings Services assigned its 'AAA/A-1+' rating to the Metropolitan Transportation Authority (MTA), N.Y.'s series 2015E-1 and 2015E-5 transportation revenue variable-rate bonds. At the same time, we assigned our 'AAA/A-1' rating to the MTA's series 2015E-2, 2015E-3and 2015E-4 transportation revenue variable-rate bonds. Finally, we assigned our 'AA-' underlying rating (SPUR) to the bonds. The outlook, where applicable, is stable. The ratings reflect our view of the letters of credit (LOCs) provided by U.S. Bank N.A. for the series 2015E-1 and 2015E-5 bonds, Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU, acting through its New York branch) for the series 2015E-2 bonds, Citibank N.A. for the series 2015E-3 bonds, and Bank of the West for the series 2015E-4 bonds, and the

...Standard & Poor's Ratings Services assigned its '###/A-1+' rating to the Metropolitan Transportation Authority (MTA), N.Y.'s series 2015E-1 and 2015E-5 transportation revenue variable-rate bonds. At the same time, we assigned our '###/A-1' rating to the MTA's series 2015E-2, 2015E-3and 2015E-4 transportation revenue variable-rate bonds. Finally, we assigned our '##-' underlying rating (SPUR) to the bonds. The outlook, where applicable, is stable. The ratings reflect our view of the letters of credit (LOCs) provided by U.S. Bank N.A. for the series 2015E-1 and 2015E-5 bonds, Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU, acting through its New York branch) for the series 2015E-2 bonds, Citibank N.A. for the series 2015E-3 bonds, and Bank of the West for the series 2015E-4 bonds, 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 LOC providers -- as well as the joint support provided by...

Summary