S&P Global Ratings assigned its 'AA-' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s proposed $623 million series 2017D revenue transportation refunding bonds (TRBs). The outlook is stable. The series 2017D TRB proceeds will be used to refinance various TRBs outstanding for savings. The 'AA-' rating reflects our view of the MTA's: Very low industry risk, with low cyclicality and volatility of earnings during economic cycles, and very low competition; Extremely strong economic fundamentals, with a large service area that has good population growth, strong employment growth (and no significant employment concentration), and strong per capita wealth that exceeds the national average by more than 38%; Very strong market position, given its monopolistic business position and good overall demand
