Summary: Metropolitan Transportation Authority, New York; Joint Criteria

S&P Global Ratings assigned its 'AA/A-1' dual rating and 'A-' underlying rating (SPUR) to Metropolitan Transportation Authority (MTA), N.Y.'s remarketed $65.9 million subseries 2005D-2 transportation revenue variable-rate bonds and $69.65 million subseries 2012G-4 transportation revenue variable rate refunding bonds (remarketing bonds), based on the substitution of the existing letter of credit (LOC) provider Bank of Montreal (A+/Stable/A-1) with a new LOC provided by Bank of America N.A. (A+/Stable/A-1). The outlook, where applicable, is positive. The 'AA' long-term component of our rating reflects the application of our joint criteria and assumes low correlation between the obligor, MTA (A-/Positive), and our long-term issuer credit rating on Bank of America N.A.; and addresses our expectation of full and timely interest and principal payments

...+ S&P Global Ratings assigned its '##/A-1' dual rating and 'A-' underlying rating (SPUR) to Metropolitan Transportation Authority (MTA), N.Y.'s remarketed $65.9 million subseries 2005D-2 transportation revenue variable-rate bonds and $69.65 million subseries 2012G-4 transportation revenue variable rate refunding bonds (remarketing bonds), based on the substitution of the existing letter of credit (LOC) provider Bank of Montreal (A+/Stable/A-1) with a new LOC provided by Bank of America N.A. (A+/Stable/A-1). + The outlook, where applicable, is positive....

Summary