Summary: Metropolitan Transportation Authority, New York; Joint Criteria

S&P Global Ratings assigned its 'AA+/A-1' rating to the Metropolitan Transportation Authority (MTA), N.Y.'s series 2015E-3 transportation revenue bonds and its 'AA/A-1' rating to the MTA's 2015E-4 TRBs. At the same time, we assigned our 'A' underlying rating (SPUR) to the bonds. The outlook on the SPUR is negative. These assignments reflect the Sept. 5, 2018 conversion of the interest rate mode on the series 2015E-3 bonds to daily from weekly and replacement of the letters of credit (LOC) provided by Citibank N.A. for the series 2015E-3 bonds and by Bank of the West for the series 2015E-4 bonds with new LOCs provided by Bank of America N.A. and PNC Bank N.A., respectively. Additionally, MTA will convert the interest rate

...The negative outlook on the SPUR reflects our view of the MTA's pressured debt service coverage and the sizable funding challenges it faces, particularly with regard to the need to secure additional sustainable funding for operations and capital....

Summary