Summary: Metropolitan Transportation Authority, New York; Transit

S&P Global Ratings assigned its 'A' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s $175.4 million remarketed transportation revenue variable-rate bonds, consisting of $38.3 million series 2002G-1f transportation revenue variable-rate refunding bonds and $137.2 million series 2005D-1 transportation revenue variable-rate bonds (LIBOR floating-rate tender notes). The outlook is negative. While the interest rate mode will remain unchanged for the remarketed series 2002G-1f bonds, the series 2005D-1 bonds' rate mode is being converted to a term rate mode bearing interest at the adjusted LIBOR rate from a weekly rate mode. Both series of remarketed bonds are subject to mandatory tender for purchase on July 1, 2021. The MTA plans to remarket the bonds on or before the mandatory purchase dates

...S&P Global Ratings assigned its 'A' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s $175.4 million remarketed transportation revenue variable-rate bonds, consisting of $38.3 million series 2002G-1f transportation revenue variable-rate refunding bonds and $137.2 million series 2005D-1 transportation revenue variable-rate bonds (LIBOR floating-rate tender notes). The outlook is negative. While the interest rate mode will remain unchanged for the remarketed series 2002G-1f bonds, the series 2005D-1 bonds' rate mode is being converted to a term rate mode bearing interest at the adjusted LIBOR rate from a weekly rate mode. Both series of remarketed bonds are subject to mandatory tender for purchase on July 1, 2021. The MTA plans to remarket the bonds on or before the mandatory purchase dates and apply the remarketing proceeds to pay the tender price. The authority expects to appoint a remarketing agent to offer all tendered bonds for sale and use its best efforts...

Summary