Chairman Patrick Foye said the designation will better position the authority to cope with the revenue loss from the coronavirus pandemic.
Congress should direct more COVID-19 relief dollars to higher ridership systems, think tank Regional Plan Association said.
While their regions, sizes and funding streams vary, several mass transit systems underscored the dire need for additional federal funding.
The mass transit authority cannot tap the Municipal Liquidity Facility directly, chief financial officer Robert Foran said.
The authority, which Moody’s dropped to A2 from A1, seeks a further $4 billion from Washington and has paused its capital program.
More federal rescue moves are necessary for the nation’s largest mass transit system, according to the advocacy group Reinvent Albany.
The rating agency, citing severe ridership drops from COVID-19, dropped its rating to A-minus from A. It assigns a negative outlook.
New York MTA and 10 other transit systems have cited the crippling effects of ridership drops due to COVID-19.
The authority, which tapped its $1 billion credit line and received a warning shot from Moody's, says COVID-19 is a disaster that requires a national response.
Questions about the impact of COVID-19 surround the state-run authority, which operates New York City transit and is one of the largest municipal issuers.