NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AA+ with a stable outlook to the Metropolitan Transportation Authority (MTA) of New York, Transportation Revenue Refunding Bonds, Series 2015C. KBRA affirms the long-term rating of AA+ with a stable outlook on the Metropolitan Transportation Authority’s (MTA) outstanding Transportation Revenue Bonds (TRB). KBRA also affirmed the short-term rating of K1+ on the Metropolitan Transportation Authority, Transportation Revenue Bond Anticipation Notes (BANs), Series 2015A.
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 the prior report published on May 8, 2015 for a full discussion of the credit, Metropolitan Transportation Authority Transportation Revenue Bonds. KBRA’s rating evaluation focuses on the following key rating determinants:
- Size and Scope of Operations
- Demand Assessment
- Management/Regulatory Framework
- Financial Profile
- Security Provisions
MTA continues to balance the growing and changing service needs of its constituents with available external and internal resources. Fares and tolls have historically been set at levels that maximize revenue generation while maintaining affordability. Management continues to invest in working towards bringing the system assets into a state of good repair, while continuing to expand and improve the level of service. Management has responded to recent safety issues by making additional investments in safety equipment, training and oversight. KBRA believes that uncertainty with respect to funding of the current capital program and potential growth in future labor costs will continue to put pressure on fares and service levels.
To view the report, please click here: www.krollbondratings.com/show_report/2565
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).