Debt Overview

The MTA borrows money by issuing tax-exempt bonds. We use the money to invest in infrastructure. This includes things such as:

• New subway cars and buses,
• enhancing and improving stations,
• increasing ADA accessibility,
• Bridges and Tunnels facilities,
• system expansion, and
• other improvements.

These investments are capital projects. The Capital Program Review Board reviews all projects. For detailed information about the MTA's Capital Programs, see the MTA Construction & Development site.

MTA uses different credits to access the market and issue its bonds to the investing public. This page is intended to give a very top level overview of the MTA's debt. For detailed and investor information, visit our Investor Information site.

For the current amount of debt outstanding, see the debt outstanding pie charts. The pie chart on the left shows the amount of debt outstanding by credit. The pie chart on the right shows the type of debt that is outstanding.

MTA issues debt in public offerings available to retail and institutional investors. MTA’s debt issuances include different kinds of securities obligations, including fixed-rate notes and bond, and variable rate bonds through different credits.

MTA issues bonds on several types of credits including obligations secured with fare and toll revenues, dedicated taxes and subsidies, and other revenue resources. 

Each of MTA’s credits has publicly issued ratings from one of the national rating agencies. The ratings are updated with each new issuance of bonds. The rating agencies publish credit reports on the MTA. You can see the MTA's current bond ratings on the investor website.

For detailed information about MTA's debt portfolio, see the Investor Information site.