New York Metropolitan Transportation Authority

NYMTA to “Supplier’s 11”: You’re “In Jeopardy”

New York Metropolitan Transportation Authority (MTA) Chairman and CEO Patrick J. Foye sent warning letters to MTA’s 11 largest suppliers on Sept. 17. “The COVID-19 pandemic has exacted a horrific toll in human, social and economic terms across the nation,” he noted in the letters. “I am writing to alert you that because of this financial devastation, many current and all future contracts are in jeopardy without an injection of $12 billion in emergency federal aid.”

Cuomo: No Mask? It’ll Cost You

Starting Monday, Sept. 14, New York’s Metropolitan Transportation Authority (MTA) will issue a $50 fine to any rider who refuses to wear a mask on New York City subways and buses, Metro-North Railroad (MNR), and the Long Island Rail Road (LIRR). This follows New York Gov. Andrew M. Cuomo’s executive order on Thursday, Sept. 10, directing the MTA to develop a plan to increase mask compliance.

The Federal Transit Man: Douse Your Own Fire, MTA

There are always two sides to every story. I don’t have the financial resources to hire an army of public relations people to ghost write columns like New York MTA Chairman Pat Foye has and send them to every media outlet in town. Nevertheless, here’s my take on an alarmist op-ed that recently appeared in the New York Times, re-printed by Railway Age.

“The Subways Are Facing a Five-Alarm Fire”

“New York City cannot recover without a robust transit system, and the country cannot rebound without New York,” New York Metropolitan Transportation Authority Chairman and CEO Patrick J. Foye and Transport Workers Union International President John Samuelsen wrote in a Sept. 1 op-ed published in the New York Times on what they say is “the MTA’s dire fiscal crisis.” The MTA released the op-ed to media outlets. We reproduce it here.

The Federal Transit Man: Where is the New York MTA Traffic Mobility Review Board?

New York Metropolitan Transportation Authority Chairman Pat Foye has been consistently outspoken in his criticism of President Trump and the Federal Highway Administration concerning obtaining permission from Washington to begin congestion pricing in Manhattan. Foye and others blame both the President and FHWA for continued delays in advancement of the federal NEPA Environmental Review process. The MTA has been waiting for guidance to determine if congestion pricing implementation will need a less-detailed Environmental Assessment or more complex Environmental Impact Statement.

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.