Summary: Metropolitan Transportation Authority; Transit

S&P Global Ratings assigned its 'A' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s proposed $141.2 million series 2019D-1 transportation revenue refunding green bonds (mandatory tender bonds-climate bond certified) and $101 million series 2019D-2 transportation revenue refunding green bonds (federally taxable-climate bond certified). The outlook is negative. The series 2019D-1 bonds are being issued as mandatory tender bonds and will be issued in term rate mode. The bonds will be subject to mandatory tender on the proposed mandatory purchase date of Nov. 15, 2024. MTA may convert any of the series 2019D-1 bonds to a different interest rate mode, but not prior to the mandatory purchase date. MTA plans to remarket the bonds on or before the mandatory purchase

...S&P Global Ratings assigned its 'A' long-term rating to the Metropolitan Transportation Authority (MTA), N.Y.'s proposed $141.2 million series 2019D-1 transportation revenue refunding green bonds (mandatory tender bonds-climate bond certified) and $101 million series 2019D-2 transportation revenue refunding green bonds (federally taxable-climate bond certified). The outlook is negative. The series 2019D-1 bonds are being issued as mandatory tender bonds and will be issued in term rate mode. The bonds will be subject to mandatory tender on the proposed mandatory purchase date of Nov. 15, 2024. MTA may convert any of the series 2019D-1 bonds to a different interest rate mode, but not prior to the mandatory purchase date. MTA plans to remarket the bonds on or before the mandatory purchase date. A failed remarketing does not constitute an event of default under the transportation resolution; in case of such failure, the bonds will remain in term rate mode and bear interest at the lesser of...

Summary