Summary: Metropolitan Transportation Authority, New York; Note

S&P Global Ratings assigned its 'SP-1' short-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s proposed $600 million series 2019E transportation revenue bond anticipation notes (BANs). The BAN proceeds will be used to finance existing approved transit and commuter projects. As of Sept. 6, 2019, the MTA had a consolidated debt position of $44 billion. The 'SP-1' rating on the BANs reflects what we consider a low market risk profile, strong market access, and strong information disclosure. In addition, the 'SP-1' rating reflects our 'A' long-term rating and underlying rating (SPUR) on the MTA's transportation revenue bonds and our 'A' issuer credit rating (ICR) on the MTA. Principal of, and interest on, the BANs are payable solely from the proceeds

...S&P Global Ratings assigned its 'SP-1' short-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s proposed $600 million series 2019E transportation revenue bond anticipation notes (BANs). The BAN proceeds will be used to finance existing approved transit and commuter projects. As of Sept. 6, 2019, the MTA had a consolidated debt position of $44 billion. The 'SP-1' rating on the BANs reflects what we consider a low market risk profile, strong market access, and strong information disclosure. In addition, the 'SP-1' rating reflects our 'A' long-term rating and underlying rating (SPUR) on the MTA's transportation revenue bonds and our 'A' issuer credit rating (ICR) on the MTA. Principal of, and interest on, the BANs are payable solely from the proceeds of other notes, the proceeds of takeout bonds, and, with respect to interest payable, amounts available for payment of subordinated debt. The BANs are not secured by any other funds, accounts, or amounts that are pledged to...

Summary