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Material event notices and voluntary notices, current year

Updated Oct 2, 2025

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Bond calls/redemption notices/defeasance

Transportation Revenue Bonds, Series 2015B, Subseries 2015C-1, Subseries 2015D-1, Series 2015F
Notice of Defeasance for certain outstanding TRB Series 2015B, Subseries 2015C-1, Subseries 2015D-1, and 2015F, dated September 24, 2025

Payroll Mobility Tax Bonds, Subseries 2024B-3
Notice of Defeasance for PMT Subseries 2024B-3, dated September 24, 2025

Dedicated Tax Fund Bonds, Subseries 2008B-3c
Notice of Defeasance for DTF Subseries 2008B-3c, dated September 24, 2025

Transportation Revenue Bonds, Series 2010B-1 (Build America Bonds), 2010C-1 (Build America Bonds), 2010E (Build America Bonds)
Conditional Notice of Redemption for certain TRB series issued as Build America Bonds at Extraordinary Option Redemption Price, dated September 17, 2025

TBTA General Revenue Bonds, Subseries 2008B-3 & Series 2015B
Notice of Defeasance for TBTA Subseries 2008B-3 & TBTA Series 2015B bonds, dated August 20, 2025

TBTA General Revenue Bonds, Series 2015A
Conditional Notice of Redemption for certain TBTA Series 2015A bonds, dated July 18, 2025

Transportation Revenue Variable Rate Refunding Bonds, Series 2020B
Notice of Partial Redemption of TRB Series 2020B ($7.175 million on CUSIP 59261AX28), on June 4, 2025

Transportation Revenue Bonds, Series 2014C, 2015A-1, 2015B
Notice of Defeasance for certain outstanding TRB Series 2014C, 2015A-1, and 2015B, dated March 27, 2025

Transportation Revenue Variable Rate Bonds, Subseries 2012A-2
Notice of Redemption for TRB Subseries 2012A-2 (CUSIP 59261AZD2), dated March 27, 2025

Transportation Revenue Bonds, Series 2010E (Build America Bonds)
Conditional Notice of Redemption for certain TRB Series 2010E (Build America Bonds) at Extraordinary Optional Redemption Price, dated March 19, 2025

Transportation Revenue Variable Rate Refunding Bonds, Series 2020B
Notice of Partial Redemption of TRB Series 2020B ($7.22 million on CUSIP 59261AX28), on March 11, 2025

Letter of Credit (LOC) substitutions

Dedicated Tax Fund Bonds Variable Rate Refunding Bonds Subseries 2008A-2b
Notice of Substitution of Credit Facility for DTF Subseries 2008A-2b (59260XAB4) on October 2, 2025.

Mandatory tender notices

None at this time.

Ratings actions

On October 2, 2025, Fitch upgraded the short-term rating of DTF 2008A-2b to F1+ from F1 and affirmed the long-term rating of AAA. The outlook remains stable.

On August 12, 2025, S&P upgraded the long-term rating on MTA Transportation Revenue Bonds to ‘A’ from ‘A-’ and revised the outlook to stable. Additionally, S&P upgraded long-term enhanced ratings on eleven subseries of Transportation Revenue Variable Rate Bonds, Subseries 2002G-1g, 2005D-2, 2005E-1, 2005E-2, 2012G-1, 2012G-2, 2012G-3, 2012G-4, 2015E-1, 2015E-3, 2020B, to ‘AA+’ from ‘AA’.

On June 13, 2025, Moody's upgraded the long term rating on MTA Transportation Revenue Bonds to A2 from A3 and revised the outlook to stable.

Financial obligations

On May 2, 2025, TBTA entered into a loan agreement for a 1-year term loan in the amount of $500 million. Repayment of the loan is secured by a lien on certain Central Business District Tolling Program revenues. For information, see the 2025 Loan Agreement. 

On February 4, 2025, MTA executed a new taxable $300 million Revolving Credit Agreement with Wells Fargo Bank, National Association. For information see the 2025 Revolving Credit Agreement. Read additional information regarding the credit agreement.

On January 30, 2025, MTA executed a Second Amendment to an existing taxable Revolving Credit Agreement with JPMorgan Chase Bank, National Association.  For information see the Second Amendment. Read additional information regarding the credit agreement.