S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) to 'A-' from 'A' on the Metropolitan Transportation Authority (MTA, or the MTA), N.Y.'s transportation revenue bonds (TRBs) outstanding and assigned its 'A-' long-term rating to the MTA's proposed $800 million series 2020C transportation revenue bonds. At the same time, we lowered our issuer credit rating (ICR) to 'A-' from 'A' on the MTA, and our stand-alone credit profile (SACP) to 'a-' from 'a' on the MTA. The outlook, where applicable, is negative. We also took the following rating actions on the MTA's various variable-rate TRBs outstanding with enhancement by letters of credit, where the long-term rating reflects the application of joint criteria assuming low correlation: We lowered our
