The rating agency, citing severe ridership drops from COVID-19, dropped its rating to A-minus from A. It assigns a negative outlook.
The short-term funding for airports and transit agencies in stimulus bills won’t be a substitute for the stability of long term financing.
They asked for a combined $4.4 billion.
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.
Authority Chairman Patrick Foye cited plummeting revenue as riders stay home because of COVID-19
Congressional offices may decide to minimize or ban face-to-face meetings as virus concerns grow.
Port Authority of New York and New Jersey Executive Director Rick Cotton plans to maintain day-to-day operations from home after a positive coronavirus test.
Chairman Patrick Foye says that the outbreak has no material effect for now, and the authority promises to continue timely disclosure.