Fitch rates N.Y.C. Metro Transportation bonds AA+/F1+, AAA/F1+

Fitch Ratings said it assigned an AA+/F1+ rating to the subseries 2008B-1 and B-4 dedicated tax fund variable-rate refunding bonds issued by the Metropolitan Transportation Authority of New York City and an AAA/F1+ rating to subseries 2008 B-2 and B-3.

The bonds are expected to be delivered on Aug. 7.

The series 2008B bonds are being issued to refund $100 million of series 2004B-3 and $100 million of series 2004B-5 dedicated tax fund bonds and $145 million of series 2004D-1 dedicated tax fund bonds.

The ratings are based on letters of credit issued by Bank of Nova Scotia ($100 million subseries 2008B-1), BNP Paribas ($100 million subseries B-2), Lloyds TSB Bank ($100 million subseries B-3), and KBC Bank ($48.175 million subseries B-4).

Bank of Nova Scotia and KBC Bank are rated AA-/F1+ by Fitch, BNP Paribas AA/F1+ and Lloyds TSB Bank AA+/F1+. The underlying rating on the bonds is A+.

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