Standard&Poor's Ratings Services has assigned its 'AA-' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s transportation revenue bonds (TRB) series 2014D. At the same time, Standard&Poor's affirmed its 'AA-' long-term rating on the authority's 2008B-4 TRBs, which is being remarketed. The outlook is stable. The 2014D bond proceeds will finance transit and commuter projects included in the MTA's approved capital programs. The bonds will consist of two subseries -- $400 million 2014D-1 fixed-rate bonds and $100 million 2014D-2 floating-rate notes (FRN). We expect the 2014D-2 FRNs will be three-year notes. As a result, the authority will not remarket them until 2017. On Nov. 17, 2014 (the mandatory tender date), the MTA will effect a mandatory
