Summary: Metropolitan Transportation Authority of New York; Joint Criteria; Note; Transit

S&P Global Ratings assigned its 'AA-/A-1' dual rating and 'BBB+' underlying rating (SPUR) to the Metropolitan Transportation Authority of New York's (MTA) remarketed $146.3 million subseries 2005E-1 transportation revenue variable-rate bonds and $147.775 million subseries 2015E-1 transportation revenue variable-rate bonds. The dual rating reflects the application of our joint criteria, assuming low correlation, and our 'BBB+' SPUR on the MTA's existing transportation revenue bonds (TRBs). The outlook, where applicable, is stable. This action reflects the issuance of two separate irrevocable direct-pay letters of credit (LOCs) provided by Barclays Bank PLC for both subseries. The 'AA-' long-term component of our rating on the two subseries reflects the application of our joint criteria and assumes low-correlation between the obligor, MTA and our

...S&P Global Ratings assigned its '##-/A-1' dual rating and '###+' underlying rating (SPUR) to the Metropolitan Transportation Authority of New York's (MTA) remarketed $146.3 million subseries 2005E-1 transportation revenue variable-rate bonds and $147.775 million subseries 2015E-1 transportation revenue variable-rate bonds. The dual rating reflects the application of our joint criteria, assuming low correlation, and our '###+' SPUR on the MTA's existing transportation revenue bonds (TRBs). The outlook, where applicable, is stable. This action reflects the issuance of two separate irrevocable direct-pay letters of credit (LOCs) provided by Barclays Bank PLC for both subseries. The '##-' long-term component of our rating on the two subseries reflects the application of our joint criteria and assumes low-correlation between the obligor, MTA and our long-term issuer credit rating (ICR) on the LOC provider and addresses our expectation of full and timely interest and principal payments when the...

Summary