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Bond calls/redemption notices/defeasance
Dedicated Tax Fund Bonds Subseries 2008B-1, 2008B-4 and Transportation Revenue Bonds Series 2012A-1, 2012C, 2012E, 2012H, 2013A, 2013B, 2013C, 2013D, 2013E, 2014A-1, and 2014A-2
Notice of Defeasance and Prior Designation for Redemption for certain Dedicated Tax Fund Bonds and Transportation Revenue Bonds, dated October 19, 2023
Transportation Revenue Variable Rate Refunding Bonds, Subseries 2020B-1
Notice of Partial Redemption ($8.47 million) on TRB 2020B-1 (CUSIP 59261AL70), on September 7, 2023
Transportation Revenue Variable Rate Bonds, Subseries 2015E-2
Notice of Redemption of the TRB 2015E-2 (CUSIP 59261AXA0), on September 5, 2023
TBTA General Revenue Refunding Bonds, Series 2013B
Notice of Defeasance for certain TBTA Series 2013B bonds, on August 17, 2023
TBTA Subordinate Revenue Refunding Bonds, Series 2013A
Notice of Redemption for certain TBTA Subordinate Series 2013A bonds (unrefunded CUSIP of 2024 maturity), on May 15, 2023
TBTA General Revenue Refunding Bonds, Series 2012B
Notice of Redemption for certain TBTA Series 2012B bonds (2023 and 2024 maturities), on March 16, 2023
TBTA General Revenue Bonds, Series 2009A-1, 2012A, 2012B, 2013C and Subordinate Revenue Bonds, Series 2013A
Notice of Defeasance and Designation for Prior Redemption for certain TBTA General Revenue and Subordinate Revenue Bonds, on February 14, 2023
Dedicated Tax Fund Bonds Series 2012A and Transportation Revenue Bonds, Subseries 2002D-1, 2012B, 2012C, 2012D, 2012E, 2012F, and 2012H
Notice of Redemption for certain Dedicated Tax Fund Bonds and Transportation Revenue Bonds, on January 12, 2023
Letter of Credit (LOC) Substitutions
TBTA Series 2001C
Notice of Letter of Credit Facility Substitution (CUSIP 89602RED3) on June 22, 2023
TBTA Subseries 2005B-3
Notice of Letter of Credit Facility Substitution (CUSIP 89602REB7) on June 22, 2023
Mandatory Tender Notices
TBTA Subseries 2005B-4a
Notice of Mandatory Tender and Mode Change (CUSIP 89602RGJ8) on December 13, 2023
TBTA Subseries 2005B-2a and 2005B-2b
Notice of Mandatory Tender and Election to Change the Party Responsible for Determination of Weekly Rate on December 1, 2023. NOTE, this notice for mandatory tender was rescinded on November 21, 2023, see the rescission notice here.
TRB Subseries 2012A-2
Notice of Mandatory Tender and Election to Change the Party Responsible for Determination of Weekly Rate on December 1, 2023. NOTE, this notice for mandatory tender was rescinded on November 21, 2023, see the rescission notice here.
TBTA Series 2001C
Notice of Mandatory Tender (CUSIP 89602RED3) on June 22, 2023
TBTA Subseries 2005B-3
Notice of Mandatory Tender (CUSIP 89602REB7) on June 22, 2023
Ratings actions
On October 27, 2023 and November 8, 2023, Fitch Ratings upgraded its long-term enhanced ratings on existing subseries of Transportation Revenue Variable Rate Bonds, as a result of the Fitch Ratings upgrade of its underlying rating on Transportation Revenue Bonds to A on October 25, 2023. See Notice and Fitch Ratings Release.
On October 25, 2023, Fitch Ratings upgraded its ratings on the Transportation Revenue Bonds from A- to A and revised its outlook to Stable. See Fitch Ratings Press Release.
On October 3, 2023, S&P Global Ratings upgraded its long-term enhanced ratings on existing subseries of Transportation Revenue Variable Rate Bonds to AA as result of the S&P upgrade of its underlying Transportation Revenue Bonds rating the same day. Short-term ratings on the respective subseries were affirmed (and are based on the bank providing the LOC credit support). See S&P's Ratings Press Release.
On October 3, 2023, S&P Global Ratings upgraded its ratings on the Transportation Revenue Bonds to A- from BBB+ and revised its outlook to Positive. See S&P's Ratings Press Release and Report.
On September 19, 2023, Moody's Investors Service revised the outlook on the Transportation Revenue Bonds (A3) from stable to Positive, while affirming the A3 rating. See Moody's Ratings Release and Report.
On June 28, 2023, Fitch Ratings downgraded the short-term ratings on TBTA General Revenue Variable Rate Bonds, Subseries 2003B-1 and Subseries 2005B-4c to F1, while affirming the enhanced long-term ratings of AA+, due to its downgrade of U.S. Bank NA (LOC provider for the bonds). See Fitch Ratings Release.
On June 13, 2023, Fitch Ratings downgraded the short-term ratings on TBTA General Revenue Variable Rate Refunding Bonds, Series 2018E (Federally Taxable) to F1, while affirming the enhanced long-term ratings of AA+, due to its downgrade of UBS AG (LOC provider for the bonds). See Fitch Ratings Release.
On May 22, 2023, S&P Global Ratings downgraded the enhanced long-term ratings on TBTA General Revenue Variable Rate Bonds, Subseries 2003B-1 and TBTA General Revenue Variable Rate Refunding Bonds, Subseries 2005B-4c to AA+ and short-term ratings to A-1, as result of its downgrade of U.S. Bank, N.A. (LOC provider for the bonds). See S&P Release.
Financial obligations
None at this time.
Voluntary disclosure notices
Notices to Investors Pursuant to Bond Documents regarding Consent for Amendment Provisions to Amended and Restated COD for TBTA Subseries 2005B-2a and 2005B-2b and TRB Subseries 2012A-2, dated November 17, 2023. These notices were in connection with changing the Remarketing Agent for these variable rate bonds.
Voluntary Notice of Credit Facility Extension with Bank of America, N.A. for TRB Subseries 2005E-2 on November 17, 2023
Voluntary Notice to Investors Pursuant to Bond Documents regarding CDAs and Financials for Sales Tax Bonds (City Sales Tax - TBTA Capital Lockbox), Series 2022A and 2023A, dated August 3, 2023
Voluntary Notice of Credit Facility Extension with Barclays Bank for TRB Subseries 2012G-1 on July 19, 2023
Voluntary Notice of Credit Facility Extension with Barclays Bank for TBTA Series 2005A on July 19, 2023
On June 23, 2023, Moody's changed the outlook on Hudson Rail Yards Trust Obligations, Series 2016A Obligations from negative to stable. See Moody's Report.
Notice filed regarding the upgrade of Barclays Bank PLC's S&P's Long-Term Issuer Credit rating to A+ on May 19, 2023 and outlook to stable, posted May 25, 2023. Note, while Barclays Bank PLC provides Letters of Credit for TRB 2012G-1, TRB 2005E-1, TRB 2015E-1 and TBTA 2005A, the enhanced ratings on the four subseries were not affected at that time
Notice filed regarding the downgrade of U.S. Bank N.A.'s S&P's Long-Term Issuer Credit rating from AA- to A+ on May 11, 2023, posted May 16, 2023. Note, while U.S. Bank N.A. provides Letters of Credit for TBTA Subseries 2003B-1 and Subseries 2005B-4c, the enhanced ratings on the two subseries were not affected at that time
Notice regarding the upgrade of Bank of America N.A.'s Moody's Counterparty Risk Assessment rating from Aa2 to Aa1 on May 3, 2023, posted May 16, 2023. Note, while Bank of America, N.A provides Letters of Credit for TRB Subseries 2005E-2 and TRB Subseries 2015E-3, the enhanced ratings on the two subseries were not affected
Notice regarding the issuance of Subordinated Contract Obligation No. 1, with redacted Certificate of Determination attached, dated May 11, 2023
Notice to Investors regarding certain Dedicated Tax Fund Bonds and filing of NYCT Financials, dated May 3, 2023
Notice regarding the downgrade of U.S. Bank N.A.'s Moody's Counterparty Risk Assessment rating from Aa3 to A1 on April 21, 2023, posted May 2, 2023. Note, while U.S. Bank N.A. provides Letters of Credit for TBTA Subseries 2003B-1 and Subseries 2005B-4c, the enhanced ratings on the two subseries were not affected
Notice regarding Rescission of the 12/21/22 Conditional Redemption for Dedicated Tax Fund Refunding Bonds, Series 2012A, dated January 6, 2023
Notice regarding Rescission of the 12/21/22 Conditional Redemption for certain Transportation Revenue Bonds, dated January 6, 2023