S&P Global Ratings assigned its 'AA-' long-term rating to Metropolitan Transportation Authority (MTA), N.Y.'s $500 million series 2016B transportation revenue refunding bonds (TRBs). In addition, S&P Global Ratings affirmed the following ratings: 'AA-' issuer credit rating (ICR) and 'aa-' stand-alone credit profile (SACP) on the MTA; 'AA-' long-term rating and underlying rating (SPUR) on the MTA's previously issued TRBs; 'SP-1+' short-term rating on the MTA's previously issued transportation revenue bond anticipation notes (BANs); and 'AAA/A-1+', 'AA+/A-1', and 'AA/A-2' dual ratings on various other TRBs outstanding that reflect the application of our joint criteria assuming low correlation. The outlook, where applicable, is stable. The series 2016B bond proceeds will be used to refund a portion of the series 2007A, 2007B, and
