KBRA Releases Report Downgrading the New York State Urban Development Corporation Moynihan Train Hall Project TIFIA Loan to BBB-; Outlook Stable

On September 26, 2025, KBRA downgraded the long-term rating on the New York State Urban Development Corporation (d/b/a Empire State Development) Moynihan Train Hall Project TIFIA Loan to BBB- (from BBB). The Outlook is Stable. The rating action reflects the substantial degree to which the taxable assessed valuation (AV) of the Moynihan Train Hall Project continues to lag projections as the transaction approaches the June 2030 end of the Fixed Payment In Lieu of Taxes (PILOT) Period. An investment grade rating remains warranted given the effective credit backstop provided by the Metropolitan Transportation Authority (MTA).

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