Metropolitan Transportation Authority, NY – TRBs Rating Report
Rating Summary
The long-term rating reflects the robust coverage of Transportation Revenue Bond (TRB) debt service provided by the gross lien pledge of fares and other operating revenues from the New York City Transit, Metropolitan Transportation Authority Commuter and Bus systems, surplus Triborough Bridge and Tunnel Authority (TBTA) operating revenue, various state and local subsidies, and dedicated taxes (collectively, Pledged Revenues).
Counterbalancing these strengths are a substantial fixed cost burden that constitutes an impediment to sustained, balanced operations, and risks to growth in paid ridership and in the various special tax-supported operating subsidies upon which the MTA is reliant. The MTA’s structural operating outlook has weakened in recent months, driven mainly by higher recurring expenses and a more costly labor assumption, but near-term liquidity and TRB gross lien coverage remain exceptionally strong, and current year performance is generally favorable. …
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