Transportation
NYC’s Congestion Pricing Delay Puts Transit Agency’s Credit Rating at Risk
- S&P notes agency debt is backed by farebox, toll collections
- Congestion pricing was going to bring $1 billion a year to MTA
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The credit rating on the Metropolitan Transportation Authority’s farebox revenue bonds could be hurt by the delay of New York City’s congestion pricing plan, according to S&P Global Ratings.
Governor Kathy Hochul temporarily paused the congestion pricing plan that was set to begin June 30, saying last week she was concerned the new toll would add a financial burden to working-class families. That decision means the MTA — for now — won’t collect $1 billion a year to fund necessary infrastructure projects to modernize the system and attract more riders.