The ‘AA+’ rating on senior lien PMT bonds reflects the solid growth prospects of the dedicated revenue stream and ample resilience of the bond structure based on the 2.25x additional bonds test (ABT). The rating is capped at the ‘AA+’ Issuer Default Rating (IDR) of New York State and does not reflect the credit quality of the MTA as revenues are not exposed to its operations.
Fri 06 Oct, 2023