New York, August 21, 2014 -- Moody's Investors Service will maintain the underlying A2 rating on the New York Metropolitan Transportation Authority's (MTA) Transportation Revenue Variable Rate Bonds Series 2011B in conjunction with the expected September 10, 2014 conversion of the bonds to floating rate notes. The letter of credit issued by Bank of America, N.A. will expire on September 12, 2014 and we will withdraw the enhanced Aa3/VMIG 1 ratings that are based on the liquidity facility after that date. The bonds, currently in a variable rate weekly mode, will be remarketed as Floating Rate Notes on the mandatory tender date, September 10, 2014. The notes will be remarketed from a weekly mode to a term rate mode, each bearing interest of 67% of one-month LIBOR plus a to-be-determined percentage. The FRNs will reset on the first of every month, and the initial term will end within three to five years. The remarketing, in and of itself and as of this time, will not have an adverse effect on the long term credit quality of the bonds, currently rated A2 with a stable outlook, and therefore will not result in reduction or withdrawal of Moody's underlying rating. Moody's does not express an opinion as to whether the remarketing could have other, non credit-related effects.

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