Cuomo and de Blasio agree on $10 billion transit deal

The $10.8 billion transit funding agreement between Gov. Andrew Cuomo and New York City Mayor Bill de Blasio was a positive development for the Metropolitan Transportation Authority’s bond rating, according to Moody’s Investor Services. The two leaders agreed that the state would allocate $8.3 billion to the plan and the city would increase its contribution to $2.5 billion, helping to close a funding gap in the agency’s $26.1 billion capital budget over the next five years. The MTA is set to approve the five-year capital plan at its Oct. 28 board meeting. More on this story can be found here.