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

S&P Global Ratings has lowered its issuer credit rating on Metropolitan Transportation Authority (MTA), N.Y. to 'A+' from 'AA-'. S&P Global Ratings also lowered its long-term rating and underlying rating (SPUR) on the MTA's previously issued transportation revenue bonds (TRBs) to 'A+' from 'AA-'. In addition, S&P Global Ratings lowered its long-term rating to 'AA+/A-1+' from 'AAA/A-1+' on various other TRBs outstanding, reflecting the application of joint criteria assuming low correlation. The outlook, where applicable, is negative. S&P Global Ratings also lowered its stand-alone credit profile (SACP) on the MTA to 'a+' from 'aa-'. The lowered ratings reflect our assessment of MTA's most recent estimates and forecasts and our calculation of potentially inadequate consolidated net debt service coverage (DSC) for

...S&P Global Ratings has lowered its issuer credit rating on Metropolitan Transportation Authority (MTA), N.Y. to 'A+' from '##-'. S&P Global Ratings also lowered its long-term rating and underlying rating (SPUR) on the MTA's previously issued transportation revenue bonds (TRBs) to 'A+' from '##-'. In addition, S&P Global Ratings lowered its long-term rating to '##+/A-1+' from '###/A-1+' on various other TRBs outstanding, reflecting the application of joint criteria assuming low correlation. The outlook, where applicable, is negative. S&P Global Ratings also lowered its stand-alone credit profile (SACP) on the MTA to 'a+' from '##-'. The lowered ratings reflect our assessment of MTA's most recent estimates and forecasts and our calculation of potentially inadequate consolidated net debt service coverage (DSC) for unaudited fiscal 2017, budgeted fiscal 2018, and forecasted 2019, given rising operating expenses and debt service requirements without corresponding growth in gross revenues. These...

Summary