Metropolitan Transportation Authority, NY -- Moody's maintains underlying A2 on MTA's (NY) TRB Variable Rate Subseries 2002G-1 with conversion to FRNs; outlook stable

New York, September 20, 2013 -- Moody's Investors Service will maintain the underlying A2 rating on the New York Metropolitan Transportation Authority's (MTA) Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1 in conjunction with the expected October 3, 2013 conversion of the bonds to floating rate notes. On that date the letter of credit issued by The Bank of Nova Scotia will expire on October 7, 2013 and we will withdraw the enhanced Aa1/VMIG 1 ratings that are based on the liquidity facility. The bonds, currently in a variable rate weekly mode, will be re-designated into several subseries as Floating Rate Notes. On the mandatory tender date (October 3, 2013) the re-designated subseries will be remarketed from a weekly mode to a term rate mode, each bearing interest based on an adjusted LIBOR rate. Moody's will review the remarketing documents prior to the conversion and will assign ratings to each subseries on the mandatory tender date of the current Subseries 2002G-1.

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