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Fitch Rates MTA (NY) Dedicated Tax Fund Bank Bonds 'AA-'; Outlook Stable

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NEW YORK--(BUSINESS WIRE)--

Fitch Ratings assigns an 'AA-' rating to any bonds of the following series of Metropolitan Transportation Authority, NY (MTA) dedicated tax fund bonds that are purchased by State Street Bank and Trust Company with the proceeds of a drawing under the letter of credit and so long as such bonds are held by the bank (i.e., bank bonds):

--$150,000,000 dedicated tax fund variable rate bonds, subseries 2002B-1.

In addition, Fitch affirms the unenhanced, long-term 'AA-' rating on outstanding MTA dedicated tax fund bonds.

The Rating Outlook is Stable.

The rating is being assigned in connection with the execution of the letter of credit and reimbursement agreement. It is Fitch's opinion that the incremental risk associated with bank bonds does not have a material impact on the long-term credit rating.

For more information, see Fitch's press release 'Fitch Affirms MTA's (NY) $5.4B Dedicated Tax Fund Bonds at 'AA-'; Outlook Stable', dated March 12, 2012, available on Fitch's website at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Tax-Supported Rating Criteria' (Aug. 15, 2011);

--'U.S. State Government Tax-Supported Rating Criteria' (Aug. 15, 2011).

Applicable Criteria and Related Research:

Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648898

U.S. State Government Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648897

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
Primary Analyst
Laura Porter, +1-212-908-0575
Managing Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Douglas Offerman, +1-212-908-0889
Senior Director
or
Tertiary Analyst (MTA transportation revenue credit)
Chad Lewis, +1-212-908-0886
Senior Director
or
Committee Chairperson
Ken Weinstein, +1-212-908-0571
Senior Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
Email: sandro.scenga@fitchratings.com

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