NYMTA Receives ‘AA’ Fitch Credit Rating
The New York Metropolitan Transportation Authority (MTA) on March 7 announced that Fitch Ratings has upgraded the agency’s Transportation Revenue Bonds rating from A to AA with an outlook of “Stable.”
Fitch Ratings
Transit Briefs: Brightline, City of Edmonton, Houston Metro, MassDOT, NYMTA
Brightline launches a Request for Proposals (RFP) for a new intercity passenger rail station in Florida’s Treasure Coast region. Also, the long-awaited Valley Line Southeast LRT will open next month in Edmonton, Alberta; Metropolitan Transit Authority of Harris County (Houston Metro) selects Jacobs as a transit-oriented development advisor; Massachusetts Department of Transportation (MassDOT) applies for U.S. Department of Transportation (USDOT) SMART grants for rail safety projects; and Fitch upgrades New York Metropolitan Transportation Authority’s (MTA) credit rating and rating outlook.
Fitch Affirms KCS at ‘BBB’
Fitch Ratings has affirmed Kansas City Southern’s Long-Term Issuer Default Rating (IDR) and senior unsecured rating at ‘BBB.’ In addition, Fitch has affirmed KCS’s Short-Term IDR and senior unsecured rating at ‘F2.’ Fitch’s Rating Outlook is ‘Stable.’
Fitch Ratings for NYMTA: TRBs “A+”; BANs “F1”; Outlook “Negative”
Fitch Ratings has assigned a rating of “A+” to approximately $600 million of Transportation Revenue Bonds (TRB) Series 2020D (Mandatory Tender Bonds) and a rating of “F1” to $500 million of transportation revenue Series 2020B Bond Anticipation Notes (BANs) to be issued by the New York Metropolitan Transportation Authority. The bonds and BANs will be sold via negotiation; the sale date and principal amount are both subject to market conditions. Proceeds will finance existing approved transit and commuter projects. Fitch has affirmed at “A+” approximately $24.4 billion of outstanding TRBs. The Rating Outlook is Negative.
LA Metro: 45-Day Public Review Set For $400B, 30-Year Transit Plan
The Los Angeles County Metropolitan Transportation Authority (Metro) Board of Directors has authorized the release of an updated draft of its 2020 Long Range Transportation Plan (2020 LRTP), a $400 billion, 30-year transportation blueprint for the region. There is a 45-day public review period (through July 13, 2020) to gather comments.
Fitch Downgrades NYMTA Bonds, Removes “Rating Watch Negative”
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: Five Transit Agencies on “Rating Watch 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.”
Transit finance specialist Trommer joins WSP | PB
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 gives NYMTA high marks
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.