1837 ET [Dow Jones]--Uncertainty about New York congestion pricing is a concern for Metropolitan Transportation Authority ratings, S&P and Fitch write. S&P gives an A- rating to the MTA's $700 million of transportation revenue refunding green bonds and affirms its A- long-term rating on transportation revenue bonds outstanding. "Clarity on how the MTA plans to fund its capital programs is an important credit consideration," S&P writes. "Recurring funding solutions by key stakeholders will be key, especially if congestion pricing is halted or revenues from it materially underperform," the firm says. Fitch, which has AA ratings for the green bonds and outstanding TRBs, notes that the 2020-2024 capital plan assumes $15 billion in borrowing capacity supported by congestion pricing. In February, the Trump administration said it rescinded federal approval of the tolling system. The MTA said it would continue to collect the toll, which went into effect Jan. 5. (josh.beckerman@wsj.com)
(END) Dow Jones Newswires
March 11, 2025 18:43 ET (22:43 GMT)
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