Metropolitan Transportation Authority

"There weren't many exemptions made to paying the fee, which should help maximize revenues and make them more predicable when considering leveraging this new revenue stream for infrastructure improvements," said Howard Cure of Evercore Wealth Management.

The Metropolitan Transportation Authority's potential budget gaps could widen to nearly $900 million in 2026, according to the Citizens Budget Commission.

The upgrade "reflects a material improvement in the MTA's fiscal outlook, which was largely driven by New York State increasing the maximum rate of the payroll mobility tax," Fitch said.

The upgrade was spurred by improving ridership as well as increased financial flexibility, said S&P credit analyst Joseph Pezzimenti.

The Metropolitan Transportation Authority pledged in a legal settlement to devote nearly 15% of its capital plan to make more of its facilities accessible.

Moody's also affirmed the A3 rating on the MTA's $20.6 billion of transportation revenue bonds.

William Glasgall of the Volcker Alliance talks about the future of mass transportation across the U.S. as federal pandemic aid nears an end. Thomas Nocera hosts. (21 minutes)

Issuers are grappling with struggling transit systems in post pandemic.

New Jersey sued the federal government to block a plan to charge drivers entering midtown Manhattan, claiming federal regulatory approval was ill-considered.

After a tax increase, the Metropolitan Transportation Authority projects five straight years of balanced budgets for the first time in more than 20 years.

The new toll on vehicles entering large swathes of Manhattan will be a key part of the MTA's future capital plan.

"His key role in the financial rescue of New York City following its near-bankruptcy in 1975 set Dick on a nearly five-decade path making sure such an event would never happen again in the city and elsewhere," said William Glasgall of the Volcker Alliance.

The controversial idea has taken on more urgency as transit agencies nationally struggle with low ridership.

If implemented, New York's congestion pricing plan will be the first in the nation.

The MTA, which expected to begin collecting the tax next year, has revised downward its 2024 projections as federal review is taking longer than expected.

Deposits to reserves that had been planned for fiscal 2024 and 2025 would be completed by the end of the current fiscal year, bringing the total to $24 billion.

Transportation sectors from airports to toll roads are expected to remain stable despite a likely recession and high inflation and interest rates, ratings analysts said.

"The good news in this budget is that the MTA has increased its effort to find efficiencies, so that's now a larger portion of the plan. The challenge is that efficiency portion of the plan should be much, much bigger," said CBC President Andrew Rein.

"I'm thrilled to have that opportunity to join the team," Patrick McCoy says. "It's a very important project with regional implications. To be part of that team is going to be very exciting."

"The MTA's structural gaps remain huge and demand immediate action and a multi-party, multi-year plan" says Citizens Budget Commission President Andrew Rein.