Summary: Metropolitan Transportation Authority; Gas Tax Jun 08
Standard & Poors, June 2008
Abstract
Standard & Poor's Ratings Services raised its standard long-term rating on Metropolitan Transportation Authority's dedicated tax variable-rate demand refunding bonds series 2008A to 'AAA/A-1+' from 'AA'. The long-term component of the rating is based on the rating of Financial Security Assurance Inc. (AAA/Stable), the bond insurer that is providing an insurance policy on credit payments of the bonds. This represents the likelihood that the debt service will be repaid over the life of the issues. The short-term component of the rating represents the likelihood of payment of tenders, which is based on the rating of Dexia Credit Local (AA/A-1+). The standby bond purchase agreement (SBPA) will provide coverage for principal and 35 days' interest at the maximum rate of 12%...
Companies mentioned in this report are: Metropolitan Transp Auth
Action: Upgraded
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Metropolitan Transp Auth
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