New York MTA Eyes More Debt to Fix Aging System: Funds from Future Congestion Pricing will help pay off the debt

New York’s Metropolitan Transportation Authority needs to borrow billions to upgrade an 115-year-old subway system that already has $43 billion of debt while principal and interest payments threaten to eat up more of its revenue.

But municipal-bond investors haven’t abandoned the largest public-transportation system in the U.S. Its network of subways, commuter trains and buses is a vital part of what makes New York City function. There’s also fresh cash ahead as the transit agency will get revenue from new congestion pricing fees that motorist will pay to enter certain parts of Manhattan.