Summary: Metropolitan Transportation Authority, New York; Note; Transit

S&P Global Ratings assigned the following ratings to the Metropolitan Transportation Authority (MTA), N.Y.: Our 'A' long-term rating to the MTA's proposed estimated $940 million refunding transportation revenue green bonds (TRBs), consisting of $699 million subseries 2020A-1 (fixed rate) and $241 million subseries 2020A-2 (mandatory tender bonds); Our 'A' long-term rating to the MTA's proposed remarketing of its $75 million series 2012G-3 variable-rate refunding TRBs (SIFMA floating-rate tender notes); and Our 'SP-1' short-term rating to the MTA's proposed $1.5 billion series 2020A TRB anticipation notes (BANs), consisting of $800 million subseries 2020A-1 and $700 million subseries 2020A-2S. The outlook on the long-term ratings is negative and reflects our view that we could lower the rating if the authority is unable

...S&P Global Ratings assigned the following ratings to the Metropolitan Transportation Authority (MTA), N.Y.: + Our 'A' long-term rating to the MTA's proposed estimated $940 million refunding transportation revenue green bonds (TRBs), consisting of $699 million subseries 2020A-1 (fixed rate) and $241 million subseries 2020A-2 (mandatory tender bonds); + Our 'A' long-term rating to the MTA's proposed remarketing of its $75 million series 2012G-3 variable-rate refunding TRBs (SIFMA floating-rate tender notes); and + Our 'SP-1' short-term rating to the MTA's proposed $1.5 billion series 2020A TRB anticipation notes (BANs), consisting of $800 million subseries 2020A-1 and $700 million subseries 2020A-2S. The outlook on the long-term ratings is negative and reflects our view that we could lower the rating if the authority is unable to return debt service coverage (DSC; S&P Global Ratings-calculated) to 1x or greater on a sustained basis. Although the bonds are secured by gross revenue, which provided...

Summary