NY’s MTA Snags S&P Upgrade on Congestion Toll and State Tax Hike

The Metropolitan Transportation Authority’s $17.1 billion of debt that’s repaid with farebox and toll revenue was boosted one notch to A from A- by S&P Global Ratings in part thanks to the agency’s successful congestion pricing rollout.

The credit grader also cited a continuing recovery in ridership, liquidity, manageable deficits and a state tax increase to help fund infrastructure projects in the upgrade. State lawmakers this year increased a payroll mobility tax on the region’s largest businesses to help fund the MTA’s record $68.4 billion multi-year capital plan.

The MTA, which operates New York City’s subways, buses and two ...