Standard&Poor's Ratings Services raised its rating on Metropolitan Transportation Authority (MTA), N.Y.'s series 2008A-1 dedicated tax fund variable-rate refunding bonds to 'AA-/A-1+' from 'A/A-1'. This action reflects a new letter of credit (LOC) provided by Royal Bank of Canada (AA-/A-1+), substituting for a previous LOC provided by Morgan Stanley Bank N.A. (A/A-1), effective June 18, 2014. The long- and short-term components of the rating reflect the long- and short-term ratings on Royal Bank of Canada. Simultaneous with the substitution, the MTA appointed RBC Capital Markets LLC as the remarketing agent for the bonds, replacing Morgan Stanley&Co. LLC. The appointment of the new remarketing agent does not have an effect on the rating. The LOC includes 46
