This ARCHIVE contains information provided for historical purposes only. Each document contained in this portion of the MTA website is marked with a Dated Date and speaks only as of that Dated Date. Readers are cautioned not to assume that any information has been updated beyond the Dated Date unless a document expressly states that it constitutes an update of a specific portion of a document. MTA, its affiliates and subsidiaries expressly disclaim any duty to provide an update of any document contained in this section.
Updates regarding impacts from the coronavirus pandemic
Bond and note transactions
Official Statements and Remarketing Circulars
Transportation Revenue Bonds
Series 2021A, Official Statement
February 9, 2021
Series 2020E, Official Statement
October 30, 2020
Series 2020D, Official Statement
September 15, 2020
Series 2020B, Offering Memorandum
August 18, 2020
Series 2020C, Official Statement
May 7, 2020
Subseries 2015A-2, Remarketing Circular
May 6, 2020
Subseries 2012G-3, Remarketing Circular
January 22, 2020
Series 2020A, Official Statement
January 9, 2020
Series 2020A, Offering Memorandum
January 6, 2020
Triborough Bridge and Tunnel Authority General Revenue Bonds
Series 2018D, Remarketing Circular
TBTA (MTA Bridges and Tunnels) General Revenue Bonds, dated September 25, 2020
Series 2020A, Official Statement
TBTA (MTA Bridges and Tunnels) General Revenue Bonds, dated May 21, 2020
Series 2005A, Remarketing Circular
TBTA (MTA Bridges and Tunnels) General Revenue Variable Rate Bonds, dated January 16, 2020, as supplemented January 23, 2020
Direct Placement of Bonds
On December 17, 2020, MTA completed a direct placement of $2,907,280,000 of Payroll Mobility Tax Bond Anticipation Notes (BANs), Series 2020A to the Federal Reserve Bank of New York’s Municipal Liquidity Facility LLC (MLFLLC). The Series 2020A Notes were purchased directly, pursuant to a Note Purchase Agreement, dated December 9, 2020, between MTA, as issuer, and the MLFLLC, as purchaser. The 2020A BANs that are placed with the MLFLLC have CUSIP 59261CAA1 and mature on December 15, 2023. For more information, see the notice and Certificate of Determination.
On August 26, 2020, the MTA completed a direct placement of $450,720,000 of Transportation Revenue Bond Anticipation Notes (BANs), Series 2020B to the Federal Reserve Bank of New York’s Municipal Liquidity Facility LLC (MLFLLC) via a competitive bid process. The Series 2020B Notes were purchased directly, pursuant to a Note Purchase Agreement, dated August 10, 2020, between MTA, as issuer, and the MLFLLC, as purchaser. The 2020B BANs that are placed with the MLFLLC have CUSIP 59261AG92 and mature on August 1, 2023. For more information, see the notice and Offering Memorandum.
On April 6, 2020, the Transportation Revenue Variable Rate Refunding Bonds, Subseries 2002D-2a-1, $50,000,000, were subject to a mandatory tender, and purchased pursuant to a Bond Purchase Agreement by JPMorgan Chase Bank, N.A. as purchaser. The Subseries 2002D-2a-1 Bonds are in the Term Rate Mode bearing interest at an Adjusted SIFMA Rate, and have a new CUSIP, 59261AF93. The next Mandatory Purchase Date for the TRB Subseries 2002D-2a-1 is March 31, 2021. For more information see the notice and attached Certificate of Determination and Appendix A-1 and A-2.
On March 27, 2020, MTA’s Transportation Revenue Refunding Bonds, Subseries 2020B-1 Bonds were purchased, pursuant to a Continuing Covenant Agreement, between MTA and PNC Bank, National Association, as purchaser, and Transportation Revenue Refunding Bonds, Subseries 2020B-2 Bonds were purchased, pursuant to a Continuing Covenant Agreement, between MTA and Bank of America, N.A., as purchaser. The TRB Subseries 2020B-1 bonds do not have a CUSIP, and the next mandatory purchase date is April 1, 2021. The TRB Subseries 2020B-2 bonds have a new CUSIP, 59261AF85, and a mandatory tender date of March 24, 2022. For more information see the attached notice with the Certificate of Determination and Appendix A, and Continuing Covenant Agreements with PNC Bank, N.A. and Bank of America, N.A.
On September 5, 2018, the Transportation Revenue Variable Rate Bonds, Subseries 2015E-2, $193,565,000, were subject to a mandatory tender, converted to a Term Rate Mode to bear interest at an Adjusted SIFMA Rate, and were purchased by RBC Capital Markets, LLC and transferred to its affiliate, Royal Bank of Canada. The remarketed bonds have a new CUSIP, 59261AXA0. The next Mandatory Purchase Date for the TRB Subseries 2015E-2 is September 5, 2023. For more information see the voluntary notice and attached Certificate of Determination and Appendix A-2.
Disclosure Filings and Financial Reports
Updated Nov 25, 2020
Annual Combined Continuing Disclosure Filings
Part I – MTA Annual Disclosure Statement
Dated April 29, 2020, as supplemented June 3, 2020
Part II, All Debt Outstanding
As of April 29, 2020
Appendix A
Redirect to Part I – MTA Annual Disclosure Statement
Appendix B
Audited Consolidated Financial Statements of Metropolitan Transportation Authority for the Years Ended December 31, 2019 and 2018
Appendix C
Audited Consolidated Financial Statements of the New York City Transit Authority for the Years Ended December 31, 2019 and 2018
Appendix D
Audited Financial Statements of Triborough Bridge and Tunnel Authority for the Years Ended December 31, 2019 and 2018
Appendix E
History and Projection of Traffic, Toll Revenues and Expenses and Review of Physical Conditions of the Facilities of Triborough Bridge and Tunnel Authority, dated April 29, 2020, prepared by Stantec Consulting Services – New York
Annual Compliance Certification in connection with Climate Bonds Initiative Annual Reporting
MTA’s Climate Bond Certified Green Bonds, as of April 29, 2020
Material Event Notices, Current Year
Note: Our investor terms of use apply.
Bond calls/redemption notices/defeasance
TRB Subseries 2018A-1
Notice of Redemption of Transportation Revenue Bonds, (CUSIP 59261AVE4), on November 15, 2020
TRB Series 2010E, Build America Bonds
Notice of Redemption of certain Transportation Revenue Bonds (BABs),(CUSIP 59261AVE4, maturity 11/15/2030), on November 15, 2020
TRB Subseries 2015C-2
Notice of Redemption of Transportation Revenue Bonds, (CUSIP 59259Y6G9), on November 13, 2020
Special Obligation Taxable Refunding Bonds, Series 2014
Notice of Redemption for (CUSIPs 59261EAG4, 59261EAH2, 59261EAJ8, 59261EAK5, 59261EAL3, 59261EAM1) on July 1, 2020
TRB Subseries 2015A-2
Notice of Defeasance (CUSIP 59259Y4J5), until Mandatory Tender Date, dated May 14, 2020
HRY Trust Obligations, Series 2016A, Optional Redemption
Notice of Optional Redemption for remaining principal , $162,660,000, of HRY Trust Obligations, Series 2016A (Maturing 11/15/46, CUSIP 62476RAA3) on March 27, 2020
HRY Trust Obligations, Series 2016A
Notice of Early Mandatory Redemption for a portion of HRY Trust Obligations, Series 2016A (Maturing 11/15/46, CUSIP 62476RAA3), on February 15, 2020.
TRB Subseries 2016C-2b
Notice of Redemption of Transportation Revenue Bonds, (CUSIP 59261AHV2), on February 15, 2020
Letter of Credit (LOC) Substitutions
TBTA Series 2005A
Notice of Credit Facility Substitution (CUSIP 89602N2A1), on January 24, 2020
Mandatory Tender Notices
TBTA Subseries 2005B-4a
Notice of Mandatory Tender (CUSIP 89602N6Q2) on February 1, 2021
TBTA Subseries 2005B-2
Notice of Mandatory Tender and Mode Change (CUSIP 89602RDT9) on January 21, 2021
TBTA Series 2018D
Notice of Mandatory Tender and Mode Change (CUSIP 89602REZ4) on October 1, 2020
TRB Subseries 2015A-2
Notice of Mandatory Tender (CUSIP 59259Y4J5), on June 1, 2020
TRB Subseries 2002D-2a-1
Notice of Mandatory Tender (CUSIP 59261AKM8), on April 6, 2020
TRB Subseries 2012G-3
Notice of Mandatory Tender (CUSIP 59261AKG1), on February 3, 2020
TBTA Series 2005A
Notice of Mandatory Tender (CUSIP 89602N2A1), on January 24, 2020
Ratings actions
On December 11, 2020, S&P Global placed MTA’s Dedicated Tax Fund credit on negative outlook as a result of the same outlook placed on the State of New York and the State’s related bonds. Read more.
On October 26, 2020, Fitch downgraded Enhanced TRB Subseries 2005E-1, 2005E-3 ,2015E-4, 2005D-2, 2012G-1 to 'A+', and Enhanced TRB Subseries 2015E-1, 2002G-1g, 2012G-2, 2005E-2, 2012A-2, and 2015E-3 to ‘AA-‘ as result of its downgrade of MTA’s Transportation Revenue Bonds on 10/23/20. Read more.
On October 23, 2020, Fitch Ratings downgraded MTA’s Transportation Revenue Bonds from A+ to A-, and downgraded the Transportation Revenue BANs from F1 to F2, while keeping the TRB on a Negative Outlook. Read more.
On October 5, 2020, KBRA downgraded MTA’s Transportation Revenue Bonds from AA+ to AA, removed the Watch Downgrade and assigned a Negative Outlook, while affirming the K1+ on the Transportation Revenue BANs. Read more.
On September 21, 2020, Moody’s downgraded Hudson Rail Yard Trust Obligations from A2 to A3 and assigned a Negative Outlook. Read more.
On September 16, 2020, KBRA affirmed TBTA General Revenue Bonds, AA, and TBTA Subordinate Revenue Bonds, AA-, and adjusted the outlook to Stable. Read more.
On September 11, 2020, Moody’s downgraded MTA’s Transportation Revenue Bonds from A2 to A3, and kept the TRB on a Negative Outlook, while affirming the MIG 2 on the Transportation Revenue BANs. Read more.
On July 7, 2020, S&P downgraded MTA's Enhanced TRB Subseries 2002G-1g, 2005D-2, 2005E-1, 2005E-2, 2005E-3, 2012A-2, 2012G-1, 2012G-2, 2015E-1, 2015E-3, and 2015E-4 to 'AA-' as result of its downgrade of MTA’s Transportation Revenue Bonds on the same day. Read more.
On July 7, 2020, S&P Global Ratings downgraded MTA’s Transportation Revenue Bonds from ‘A-’ to ‘BBB+’ with a negative outlook, and Transportation Revenue BANs from ‘SP-1’ to ‘SP-2’, under its Mass Transit Enterprise Ratings criteria. Read more.
On June 30, 2020, KBRA affirmed TBTA General Revenue Bonds, AA, and TBTA Subordinate Revenue Bonds, AA-, removed the Watch Downgrade and assigned a Developing Outlook. Read more.
On May 4, 2020, S&P placed MTA’s Transportation Revenue Bonds (A-) on CreditWatch Negative for possible downgrade. Read more.
On April 16, 2020, Moody’s downgraded MTA’s Transportation Revenue Bonds from A1 to A2, and Transportation Revenue BANs from MIG 1 to MIG 2, and put the TRB on a Negative Outlook. Read more.
On April 10, 2020, Fitch Ratings placed MTA’s Dedicated Tax Fund credit on negative outlook as a result of the same outlook placed on the State’s Issuer Default Rating. Read more.
On April 9, 2020, Fitch Ratings downgraded Enhanced DTF Subseries 2002B-1 (CUSIP 59259N2Z5) to 'AA' from ‘AAA’ as result of its downgrade of the LOC provider MUFG Bank, Ltd. the prior day. Read more.
On April 8, 2020, Moody’s placed TBTA General Revenue (Aa3) and Subordinate Revenue Bonds (A1) on negative outlook. Read more.
On April 3, 2020 Fitch downgraded Enhanced TRB Subseries 2005E-1, 2005E-3 ,2015E-4, 2005D-2, 2012G-1 to 'AA', as result of its downgrade of MTA’s Transportation Revenue Bonds on the prior day. Read more.
On April 2, 2020, Fitch Ratings downgraded MTA’s Transportation Revenue Bonds from AA- to A+, and Transportation Revenue BANs from F1+ to F1, and put the TRB on a Negative Outlook. Read more.
On March 31, 2020, KBRA placed TBTA General Revenue Bonds (AA) and TBTA Subordinate Revenue Bonds (AA-) under outlook Watch Downgrade. Read more.
On March 26, 2020, S&P placed TBTA General Revenue and Subordinate Rev Bonds on negative outlook as part of its action on the entire U.S. Transportation Infrastructure sector. Read more.
On March 24, 2020, S&P downgraded MTA's Enhanced TRB Subseries 2002G-1g, 2005E-2, 2012A-2, 2012G-2, 2015E-1, and 2015E-3 to 'AA' as result of its downgrade of MTA’s Transportation Revenue Bonds on the same day. Read more.
On March 24, 2020, S&P Global Ratings downgraded MTA’s Transportation Revenue Bonds from ‘A’ to ‘A-’ with a negative outlook, under its Mass Transit Enterprise Ratings criteria. Read more.
On March 24, 2020, KBRA placed MTA’s Transportation Revenue Bonds (AA+) under outlook Watch Downgrade. Read more.
On March 20, 2020, Fitch Ratings placed MTA’s Transportation Revenue Bonds (AA-) and BANs (F1+) as Ratings Watch Negative. Read more.
On March 19, 2020, Moody's placed MTA’s Transportation Revenue Bonds (A1) and BANs (MIG 1) as Ratings Under Review for possible downgrade. Read more.
Financial obligations
On December 17, 2020, MTA completed a direct placement of $2,907,280,000 of Payroll Mobility Tax Bond Anticipation Notes (BANs), Series 2020A to the Federal Reserve Bank of New York’s Municipal Liquidity Facility LLC (MLFLLC). The Series 2020A Notes were purchased directly, pursuant to a Note Purchase Agreement, dated December 9, 2020, between MTA, as issuer, and the MLFLLC, as purchaser. For details and more information see under Financing Agreements – Direct Placements of Bonds.
On August 26, 2020, the MTA completed a direct placement of $450,720,000 of Transportation Revenue Bond Anticipation Notes (BANs), Series 2020B to the Federal Reserve Bank of New York’s Municipal Liquidity Facility LLC (MLFLLC) via a competitive bid process. The Series 2020B Notes were purchased directly, pursuant to a Note Purchase Agreement, dated August 10, 2020, between MTA, as issuer, and the MLFLLC, as purchaser. For details and more information see under Financing Agreements – Direct Placements of Bonds.
On May 22, 2020, MTA entered in a $950 million syndicated taxable term Credit Agreement with JP Morgan Chase Bank, N.A. (as administrative agent), and Industrial and Commercial Bank of China Limited, New York Branch, and Bank of China, New York Branch (collectively, the “Lenders”), which is active through May 22, 2022. Read more.
On April 22, 2020, MTA drew $2.5 million on its Revolving Credit Agreement with Bank of America. Read more.
On April 20, 2020, MTA made a draw on its Railroad Rehabilitation and Improvement Financing (RRIF) Program Loan, evidenced as Transportation Revenue Bonds, Subseries 2015X-3. Read more.
On April 6, 2020, MTA increased its line of credit under its Revolving Credit Agreement with Bank of America, N.A. to $400 million from $200 million. Read more.
On April 6, 2020, MTA’s the Transportation Revenue Variable Rate Refunding Bonds, Subseries 2002D-2a-1, $50,000,000, were subject to a mandatory tender, and purchased pursuant to a Bond Purchase Agreement by JPMorgan Chase Bank, N.A. as purchaser. For details and more information, read our Financing Agreements – Direct Placements of Bonds.
On March 27, 2020, MTA’s Transportation Revenue Refunding Bonds, Subseries 2020B-1 Bonds were purchased, pursuant to a Continuing Covenant Agreement, between MTA and PNC Bank, National Association, as purchaser, and TRB Subseries 2020B-2 Bonds were purchased, pursuant to a Continuing Covenant Agreement, between MTA and Bank of America, N.A., as purchaser. For details and more information, read our Financing Agreements – Direct Placements of Bonds.
On March 20, 2020, MTA drew $792 million on its Revolving Credit Agreement with JP Morgan and $200 million on its Revolving Credit Agreement with Bank of America. Read more.