Summary: Metropolitan Transportation Authority, New York; Joint Criteria; Note; Transit

S&P Global Ratings assigned its 'AA+/A-1' dual rating to the Metropolitan Transportation Authority (MTA), N.Y.'s series 2005E-2 variable-rate transportation revenue bonds (TRBs). At the same time, we assigned our 'AA-' underlying rating (SPUR) to the bonds. The outlook on the SPUR is stable. The rating reflects our view of the Dec. 13, 2017 replacement of the letter of credit (LOC) provided by Royal Bank of Canada with an LOC provided by Bank of America N.A, and the application of our joint criteria using low correlation. The long-term component of the dual rating reflects our view of the joint support of the LOC provided by Bank of America and the SPUR on MTA, the obligor, assuming low correlation. The short-term component

...S&P Global Ratings assigned its '##+/A-1' dual rating to the Metropolitan Transportation Authority (MTA), N.Y.'s series 2005E-2 variable-rate transportation revenue bonds (TRBs). At the same time, we assigned our '##-' underlying rating (SPUR) to the bonds. The outlook on the SPUR is stable. The rating reflects our view of the Dec. 13, 2017 replacement of the letter of credit (LOC) provided by Royal Bank of Canada with an LOC provided by Bank of America N.A, and the application of our joint criteria using low correlation. The long-term component of the dual rating reflects our view of the joint support of the LOC provided by Bank of America and the SPUR on MTA, the obligor, assuming low correlation. The short-term component of the rating solely reflects our short-term rating on the Bank of America. We also affirmed the following ratings:...

Summary