S&P Global Ratings lowered its short-term component of the ratings on Metropolitan Transportation Authority, N.Y.'s subseries 2005D-2 transportation revenue variable-rate bonds to 'AA-/A-2' from 'AA-/A-1'. The rating action follows S&P Global Ratings' lowering of the ratings on Landesbank Hessen-Thueringen Girozentrale (Helaba) on June 24, 2021. (For more information, please see the article, titled "Various German Banks Downgraded On Persistent Profitability Challenges And Slow Digitalization Progress," published June 24, 2021, on RatingsDirect.) The long-term component of the rating reflects the application of our joint criteria and assumes low correlation between the obligor, Metropolitan Transportation Authority, and our long-term issuer credit rating on Helaba and addresses our expectation of full and timely interest-and-principal payments when bondholders have not exercised the put option.
