KBRA Releases Rating Report Assigning Long-term Rating of AA+ to the MTA Transportation Revenue Bonds, Subseries 2015A-2 (Mandatory Tender Bonds) and Placing the Rating on Watch Downgrade

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA+ to the Metropolitan Transportation Authority (MTA) Transportation Revenue Bonds, Subseries 2015A-2 (Mandatory Tender Bonds) and places the rating on Watch Downgrade.

Concurrently, KBRA affirms the long-term rating of AA+ on the MTA’s outstanding transportation revenue bonds. The ratings remain on Watch-Downgrade. KBRA also affirmed the short-term rating of K1+ on the MTA’s outstanding transportation revenue bond anticipation notes (see list below).

  • Transportation Revenue Bond Anticipation Notes, Series 2018B Subseries 2018B-1
  • Transportation Revenue Bond Anticipation Notes, Series 2018B Subseries 2018B-2
  • Transportation Revenue Bond Anticipation Notes, Series 2018C-1
  • Transportation Revenue Bond Anticipation Notes, Series 2018C-2
  • Transportation Revenue Bond Anticipation Notes, Series 2019B Subseries 2019B-1
  • Transportation Revenue Bond Anticipation Notes, Series 2019B Subseries 2019B-2
  • Transportation Revenue Bond Anticipation Notes, Series 2019C
  • Transportation Revenue Bond Anticipation Notes, Series 2019D
  • Transportation Revenue Bond Anticipation Notes, Series 2019E
  • Transportation Revenue Bond Anticipation Notes, Series 2019F
  • Transportation Revenue Bond Anticipation Notes, Series 2020A, Subseries 2020A-1
  • Transportation Revenue Bond Anticipation Notes, Series 2020A, Subseries 2020A-2S

Click here to view the report. To access ratings and relevant documents, click here.

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the U.S. Information Disclosure Form located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the U.S. Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical Contacts

Cindy Wu, Senior Director (Lead Analyst)

+1 (646) 731-2304

cwu@kbra.com

Jack Morrison, Associate Director

+1 (646) 731-2410

jmorrison@kbra.com

William Cox, Global Head of Corporate, Financial and Government Ratings

+1 (646) 731-2472

wcox@kbra.com

Karen Daly, Senior Managing Director (Rating Committee Chair)

+1 (646) 731-2447

kdaly@kbra.com

Business Development Contact

William Baneky, Managing Director

+1 (646) 731-2409

bbaneky@kbra.com

James Kissane, Senior Director

+1 (213) 806-0026

jkissane@kbra.com

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