Standard & Poor's Ratings Services said it raised various ratings on the Metropolitan Transportation Authority, N.Y., including its issuer credit rating and existing transportation revenue bonds to AA-minus from A-plus.
At the same time, Standard & Poor's raised its stand-alone credit profile (SACP) on the authority to aa-minus from a-plus. Standard & Poor's also assigned its AA-minus long-term rating to the MTA's $500 million series 2014C TRBs. Finally, Standard & Poor's affirmed its AAA/A-1 rating on the authority's series 2005D TRBs, reflecting the application of its joint criteria with low correlation. The outlook, where applicable, is stable.
"The raised rating reflects our view of the MTA's enterprise risk score that we view as extremely strong, and the authority's financial risk score that we view as strong," said Standard & Poor's credit analyst Joseph Pezzimenti.
The series 2014 TRB proceeds will finance transit and commuter projects.
