New York MTA Sells $500 Million in Revenue Bonds

New York’s Metropolitan Transportation Authority sold $500 million of revenue bonds, its second offering this year.

The debt maturing from this year to 2044 from the largest U.S. transit agency will finance capital-improvement projects. The tax-exempt deal included a portion maturing in 2024 that priced to yield 3.06 percent, data compiled by Bloomberg show. The yield is 0.57 percentage point more than benchmark municipal bonds.

The agency employs 66,000 workers and carries 8.5 million riders a day on subways, buses and commuter railroads in the New York City area.

Moody’s Investors Service assigns the bonds an A2 rating, sixth-highest, with a stable outlook, while Standard & Poor’s grades the debt one level higher at A+, with a positive outlook.

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