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Metropolitan Transportation Authority, NY -- Moody's reviews Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds Subseries 2012A-2

Moody's Investors Service, at the request of the Authority, has reviewed the documents submitted to us in connection with the conversion of the interest rate to a weekly rate mode as well as the issuance of a letter of credit (LOC) to be provided by Bank of Montreal (the Bank) in support of the Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds, Subseries 2012A-2 (the Bonds). Upon the conversion of the interest rate and the issuance of the LOC the ratings will be based on joint default analysis which reflects Moody's approach to rating jointly supported transactions.