Summary: Metropolitan Transportation Authority of New York; Federal or State Grant Programs

S&P Global Ratings assigned its 'SP-1+' short-term rating to the Metropolitan Transportation Authority of New York's (MTA) $4 billion series 2021A grant anticipation notes (GANs; fully appropriated COVID-19 operating grants--federally taxable) with an expected Nov. 15, 2022 maturity date. The notes are limited obligations of MTA and are payable solely from grant receipts distributed to MTA by the Federal Transit Administration (FTA) fully appropriated and authorized to be paid directly to the authority by two enacted federal laws--the Coronavirus Response and Relief Supplemental Appropriations Act, signed into law Dec. 27, 2020 (CRRSAA), and the American Rescue Plan Act of 2021, signed into law March 11, 2021 (ARP)--in response to the COVID-19 pandemic. The revenues, funds, and assets of MTA (other

...S&P Global Ratings assigned its 'SP-1+' short-term rating to the Metropolitan Transportation Authority of New York's (MTA) $4 billion series 2021A grant anticipation notes (GANs; fully appropriated COVID-19 operating grants--federally taxable) with an expected Nov. 15, 2022 maturity date. The notes are limited obligations of MTA and are payable solely from grant receipts distributed to MTA by the Federal Transit Administration (FTA) fully appropriated and authorized to be paid directly to the authority by two enacted federal laws--the Coronavirus Response and Relief Supplemental Appropriations Act, signed into law Dec. 27, 2020 (CRRSAA), and the American Rescue Plan Act of 2021, signed into law March 11, 2021 (ARP)--in response to the COVID-19 pandemic. The revenues, funds, and assets of MTA (other than these grant receipts) are not pledged or required to be used for the payment of the series 2021A notes. MTA expects to receive the funds sufficient to pay in full the principal and interest...

Summary