(Bloomberg) -- The credit rating on the Metropolitan Transportation Authority’s farebox revenue bonds could be hurt by the delay of New York City’s congestion pricing plan, according to S&P Global Ratings.

Governor Kathy Hochul temporarily paused the congestion pricing plan that was set to begin June 30, saying last week she was concerned the new toll would add a financial burden to working-class families. That decision means the MTA — for now — won’t collect $1 billion a year to fund necessary infrastructure projects to modernize the system and attract more riders.

“This development adds to the uncertainty regarding where the MTA’s post-pandemic ridership will ultimately settle, and could potentially constrain the MTA transportation revenue bonds rating,” S&P analysts wrote in a statement.

The MTA, which operates the city’s subways, buses and commuter rail lines, has $18.3 billion of transportation revenue bonds outstanding as of May 20, according to MTA data. The debt is backed by farebox and toll collections. S&P rates the bonds A- and said for now it doesn’t anticipate revising its rating or positive outlook. Moody’s Ratings assigns an equivalent A3 grade and Fitch Ratings gives the credit its AA rating.

The congestion pricing plan would have charged most motorists $15 to drive into Manhattan’s central business district. Its goal was to reduce traffic and improve air quality.

The transit agency was planning on borrowing against the $1 billion of new toll revenue to raise $15 billion for its multi-year capital plan that would upgrade subway signals, add more elevators and extend the Second Avenue subway to Harlem. MTA officials late Friday warned that it may need to deprioritize some of those projects in order to dedicate funds to keep the system operating.

Hochul says she is working with legislative leadership to find an alternative funding source, but lawmakers left Albany on Friday without reaching a deal on how to resolve the deficit in the MTA’s capital program.

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