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 proposed estimated $434.4 million series 2019C transportation revenue green bonds (climate bond certified). At the same time, S&P Global Ratings affirmed its: '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 transportation revenue bonds (TRBs); 'AA/A-1', 'AA+/A-1', and 'AA+/A-1+' dual ratings on the MTA's 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.

...S&P Global Ratings assigned its 'A' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s proposed estimated $434.4 million series 2019C transportation revenue green bonds (climate bond certified). At the same time, S&P Global Ratings affirmed its: + '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 transportation revenue bonds (TRBs); + '##/A-1', '##+/A-1', and '##+/A-1+' dual ratings on the MTA's 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 the authority is unable to return debt service coverage (DSC; S&P Global...

Summary