In sidestepping for now a planned subway and bus fare increase ? a public-relations third rail ? New York?s Metropolitan Transportation Authority called a familiar crisis-management play. It bought time.
Its board on Thursday agreed at Chairman Patrick Foye?s urging not to vote on a 4% biennial fare and toll hikes.
The state-run MTA, which operates mass transit in the New York City region, is in line for $4 billion from the federal rescue bill passed last month and the prospects of an even bigger aid package under President Biden and new Senate majority leader, New York Democrat Charles Schumer.
Still, the authority, one of the largest municipal issuers with $47.5 billion of core-credit debt, faces a budget crunch and a variety of pandemic-related uncertainties.
Author: Paul Burton
Publication Site: Fidelity Fixed Income