Summary: Metropolitan Transportation Authority of New York; Joint Criteria

S&P Global Ratings assigned its 'AA-/A-1' dual rating and 'BBB+' underlying rating (SPUR) to Metropolitan Transportation Authority of New York's (MTA) $66.57 million transportation revenue variable-rate refunding bonds, series 2020B-1. The outlook, where applicable, is stable. The 'AA-' long-term component of the rating reflects the application of our joint criteria and assumes low-correlation between the obligor, MTA (BBB+/Stable) and our long-term issuer credit rating on PNC Bank N.A. (A/Stable/A-1), and addresses our expectation of full and timely interest and principal payments when the bondholders have not exercised the put option. The 'A-1' short-term component of the rating is based solely on our short-term issuer credit rating on PNC Bank N.A. and addresses our expectation of full and timely interest and

...S&P Global Ratings assigned its '##-/A-1' dual rating and '###+' underlying rating (SPUR) to Metropolitan Transportation Authority of New York's (MTA) $66.57 million transportation revenue variable-rate refunding bonds, series 2020B-1. The outlook, where applicable, is stable. The '##-' long-term component of the rating reflects the application of our joint criteria and assumes low-correlation between the obligor, MTA (###+/Stable) and our long-term issuer credit rating on PNC Bank N.A. (A/Stable/A-1), and addresses our expectation of full and timely interest and principal payments when the bondholders have not exercised the put option. The 'A-1' short-term component of the rating is based solely on our short-term issuer credit rating on PNC Bank N.A. and addresses our expectation of full and timely interest and principal payments when the bondholders have exercised the put option. The bonds are in a direct-placement arrangement with PNC Bank N.A. However, we understand that the bonds will...

Summary