Fitch Ratings downgraded approximately $800 million of outstanding TRB Series 2020C (transportation revenue bonds, climate bond certified) to be issued by the New York Metropolitan Transportation Authority (MTA) from AA- to A+ and outstanding TRB anticipation notes to F1 from F1+, but removed the agency’s long-term rating from Rating Watch Negative status. The Rating Outlook is Negative.
Fitch Ratings has placed the ratings of five large U.S. public transit agencies on “Rating Watch Negative.” Fitch said it “expects widespread and sharp declines in transit ridership and fare revenues to create significant near-term stress in the U.S. public transit sector with the [agencies] identified here at the greatest risk. Some transit agencies in major urban areas that have already been impacted by the pandemic are reporting ridership declines of as much as 70% to 90% amid efforts at social distancing, a widespread shift to telecommuting and shelter-in-place orders.”
WSP | Parsons Brinckerhoff has appointed Scott E. Trommer a principal in its U.S. Advisory Services division. Trommer will manage transit and rail project development and finance activities, with responsibility for developing and executing financing strategies for major transportation capital investments.
Fitch Ratings has assigned an “A” rating to the New York Metropolitan Transportation Authority’s (MTA) approximately $200 million in series 2017A (Climate Bond Certified) transportation revenue bonds, and an “F1” rating to the MTA’s series 2017A transportation revenue bond anticipation notes (BANs), in an amount up to $700 million.