Summary: Metropolitan Transportation Authority, New York; Joint Criteria

S&P Global Ratings assigned its 'AA/A-1' dual rating to the Metropolitan Transportation Authority (MTA), N.Y.'s, remarketed subseries 2012G-1 transportation revenue variable-rate bonds. At the same time, we assigned our 'A' underlying rating (SPUR) to the bonds. The outlook on the SPUR is negative. These actions reflect the Oct. 31, 2019, remarketing of the bonds following the conversion of the interest rate mode to daily rate from LIBOR floating rate, the addition of letters of credit (LOCs) provided by Barclays Bank PLC, and the application of our joint criteria with low correlation. The long-term component of our rating reflects the application of our joint criteria and assumes low-correlation between the obligor, MTA, and our long-term issuer credit rating on Barclays Bank

...S&P Global Ratings assigned its '##/A-1' dual rating to the Metropolitan Transportation Authority (MTA), N.Y.'s, remarketed subseries 2012G-1 transportation revenue variable-rate bonds. At the same time, we assigned our 'A' underlying rating (SPUR) to the bonds. The outlook on the SPUR is negative. These actions reflect the Oct. 31, 2019, remarketing of the bonds following the conversion of the interest rate mode to daily rate from LIBOR floating rate, the addition of letters of credit (LOCs) provided by Barclays Bank PLC, and the application of our joint criteria with low correlation. The long-term component of our rating reflects the application of our joint criteria and assumes low-correlation between the obligor, MTA, and our long-term issuer credit rating on Barclays Bank PLC, and addresses our expectation of full and timely interest and principal payments when the bondholders have not exercised the put option. The short-term component of our rating is based on our short-term issuer...

Summary