NEW YORK--(BUSINESS WIRE)--Fitch Ratings withdraws the 'AA+/F1+' credit enhanced rating for the Metropolitan Transportation Authority (NY) dedicated tax fund refunding bond series 2008B-1. Additionally, Fitch Ratings withdraws its 'AA-/F1' credit enhanced rating for the Metropolitan Transportation Authority (NY) dedicated tax fund refunding bond series 2008B-4.

The long-term rating assigned to the bonds is revised to 'AA-' with a Stable Outlook based on the underlying rating assigned by Fitch to Metropolitan Transportation Authority's dedicated tax revenue bonds.

The rating withdrawal is in connection with the mandatory tender of the bonds and the termination of the irrevocable, direct-pay letter of credit (LOC) provided by the Bank of Nova Scotia for the series 2008B-1 bonds and KBC bank for the series 2008B-4 bonds on Aug. 13, 2013.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research

--'U.S. Municipal Structured Finance Criteria' (Feb. 28, 2012);

--'Rating Guidelines for Letter of Credit-Supported Bonds' (June 20, 2012).

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701570

Rating Guidelines for Letter of Credit-Supported Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710476

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=802882

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