Metropolitan Transportation Authority

Her abrupt suspension of the tolling plan for Lower Manhattan leaves a $15 billion hole in the Metropolitan Transportation Authority's capital budget.

Moody's Ratings analysts revised the outlook to stable from negative on the expectation that states and locals will fill an $8 billion operations funding gap.

It is not clear how the Metropolitan Transportation Authority would fund its capital plan if the governor puts the brakes on the toll plan for lower Manhattan.

More than two dozen issuers have announced plans to refund their BABs this year, despite objections from investors.

In a new debt profile report, the Comptroller Thomas DiNapoli says the MTA will be pressured if congestion pricing tolls in Manhattan are blocked.

"Numbers are hard to come by in a comprehensive way, but we do learn the state's budget is targeted at $237 billion," said John Hallacy. "This budget is clearly not a 'caretaker' budget, but one that adds significant spending. The question is how that spending will affect the out-years."

Congestion pricing proponents claim it will reduce gridlock, improve air quality in Manhattan and boost ridership on the MTA, which has never recovered its pre-pandemic ridership levels.

"What we're doing is just being prudent managing the risk," said Metropolitan Transportation Authority Chief Financial Officer Kevin Willens.

Despite several larger deals entering the primary, the vast amount of cash on hand has not allowed munis to cheapen amid UST volatility and ultra-rich ratios

The New York MTA has not sold fixed-rate transportation revenue bonds since February 2021. The first maturity of that deal (4% 11/15/44) priced at +81 and was evaluated at +78 as of Wednesday by BVAL, according to CreditSights strategists. The same maturity but with a 5% coupon was priced at +59 to BVAL.