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

S&P Global Ratings assigned its 'A' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s $50 million series 2012A-3 remarketed transportation revenue bonds (TRBs; SIFMA floating rate tender notes). At the same time, S&P Global Ratings affirmed the following ratings: 'A' issuer credit rating (ICR) and 'a' stand-alone credit profile (SACP) on the MTA; 'A' long-term rating and underlying rating (SPUR) on the MTA's previously issued TRBs; 'AA/A-1', 'AA+/A-1', and 'AA+/A-1+' dual ratings on various TRBs outstanding, reflecting the application of our joint criteria, assuming low correlation, and reflecting our 'A' SPUR on the MTA's existing TRBs; and 'SP-1' short-term rating on the MTA's previously issued transportation revenue bond anticipation notes (BANs). The outlook, where applicable, is negative. The negative

...S&P Global Ratings assigned its 'A' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s $50 million series 2012A-3 remarketed transportation revenue bonds (TRBs; SIFMA floating rate tender notes). At the same time, S&P Global Ratings affirmed the following ratings: + 'A' issuer credit rating (ICR) and 'a' stand-alone credit profile (SACP) on the MTA; + 'A' long-term rating and underlying rating (SPUR) on the MTA's previously issued TRBs; + '##/A-1', '##+/A-1', and '##+/A-1+' dual ratings on various TRBs outstanding, reflecting the application of our joint criteria, assuming low correlation, and reflecting our 'A' SPUR on the MTA's existing TRBs; and + 'SP-1' short-term rating on the MTA's previously issued transportation revenue bond anticipation notes (BANs). The outlook, where applicable, is negative. The negative outlook reflects our view that we could lower the rating if we come to believe that the authority's efforts to return debt service coverage (DSC; S&P...

Summary