M.T.A. Is Warned It’s Facing a Downgrade in Its Bond Rating

“This is a shot across our bow,” said Gary Dellaverson, the authority’s chief financial officer. “Moody’s is saying that the M.T.A. is in difficulty.”

He said that the warning, in a report by Moody’s Investors Services, could lead almost immediately to higher interest rates on some of the authority’s variable-rate debt. If Moody’s were to downgrade the authority, it would make it harder and costlier for it to borrow money, he said.

The warning applied to about $12 billion in what are known as Transportation Revenue bonds. The bonds are backed by the fares paid by bus, subway and commuter rail riders, as well as other sources, including taxes on real estate transactions, which have declined with the worsening economy.

The report cited the authority’s deepening financial crisis and the failure of the State Legislature to enact a rescue plan backed by Gov. David A. Paterson.