NEW YORK--(EON: Enhanced Online News)--Kroll Bond Rating Agency has assigned a long term rating of AA+ to the Metropolitan Transportation Authority’s (MTA) Transportation Revenue Bonds, Series 2017A in an approximate amount of $200 million. The Bonds will be sold during the week of January 16, 2017. KBRA has also assigned a long term rating of AA+ to the Metropolitan Transportation Authority’s Variable Rate Refunding Bonds, Subseries 2002D-2a (Floating Rate Tender Notes) in an approximate amount of $100 million. The remarketing is scheduled for the week of January 24, 2017.
KBRA also affirms the long-term rating of AA+ with a Stable outlook on the outstanding MTA Transportation Revenue Bonds, except for bonds backed by a letter of credit or liquidity facility. KBRA’s long-term rating for MTA is based on the U.S. Public Toll Roads, Bridges, & Tunnels Rating Methodology, published on November 1, 2012. Please see our rating report published on May 8, 2015, Metropolitan Transportation Authority Transportation Revenue Bonds, for a full discussion of the credit.
KBRA has assigned a short-term rating of K1+ to the MTA’s Transportation Revenue Bond Anticipation Notes, Series 2017A in an approximate amount ranging from $500 million to $700 million. The short-term rating is based on MTA’s long term rating of AA+. KBRA issuers rated in the AA- to AAA range are assigned a corresponding short term rating of K1+.
KBRA also affirms the short-term rating of K1+ on the outstanding MTA Transportation Revenue Bond Anticipation Notes. MTA expects to issue the BANs during the week of January 30, 2017.
To view the report, please click here.
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).