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

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

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