CENTENNIAL (S&P Global Ratings) March 27, 2020--S&P Global Ratings revised its outlook to negative from stable on several long-term and underlying ratings on bonds issued by mass transit agencies and secured by priority lien tax revenue pledges. The negative outlooks provide notification to market participants that the affected credits face at least a one-in-three likelihood of a negative rating action over the intermediate term (generally up to two years).
This action applies to the ratings of approximately 20 issuers, and 215 unique ratings.
We simultaneously published an outlook revision for all ratings in scope of our Mass Transit criteria (see our article published March 26, 2020). We believe that there is at least a one-in-three chance that the general creditworthiness of the transit obligors could be downgraded in the intermediate term, which could pressure the associated priority lien ratings on bonds issued by mass transit agencies.
As the COVID-19 virus spreads and social distancing efforts intended to slow the infection rate and flatten the curve of the virus slows local economies to a virtual halt, S&P Global Ratings is of the view that the nation and world have entered a recession, with firmer projections under our base case forecasts for a slowdown in global GDP growth, and 1.3% decline in U.S. GDP in 2020 (please see our articles "It's Game Over For The Record U.S. Run; The Timing Of A Restart Remains Uncertain", published March 27, 2020 on RatingsDirect, and "Global Macroeconomic Update, March 24: A Massive Hit To World Economic Growth", published March 24, 2020 on RatingsDirect.) The outlook revisions reflect our view that the emerging recession and social distancing-driven declines in activity levels will likely place material pressure on the credit profiles of priority lien tax revenue bonds issued by mass transit operators.
Per our priority-lien criteria, we assign issue ratings based on both the strength and stability of the pledged revenue, as well as the obligor's general credit quality. For the credits included in this outlook revision, we assess the obligor's general credit quality by applying our criteria, Mass Transit Enterprise Ratings: Methodology and Assumptions.
The mass transit operators that we rate under "priority-lien" criteria derive a significant share, and often a substantial majority of total revenue from taxes, typically locally levied sales with a minor portion from other dedicated taxes. We believe potential rating actions or outlook revisions may occur and will likely be driven by the magnitude of several factors, each of which may pressure pledged revenue streams and obligors' general creditworthiness. These may include:
- Significant declines in pledged tax revenue caused by the abrupt and sharp decline in economic activity driven by COVID-19 and related social distancing efforts;
- Extreme declines in mass transit ridership levels, with an uncertain timeline for a resumption of normal activity;
- Expenditure pressure, as many transit operators incur unexpected additional costs for intensive cleaning of buses and rail cars;
- Budgetary strain as many operators have reduced or eliminated fares, while maintaining normal or near-normal service levels in the first few weeks of declining ridership.
The prospect for state and federal aid, in addition to these issuers' generally strong credit profiles may limit downside pressure for some or all of these credits. In addition, we view favorably the $2 trillion federal stimulus package, which identifies a total of $25 billion for transit operators expected to be administered through existing Federal Transit Administration using fiscal 2020 formula funding mechanisms. While there is potential that the stimulus bill could positively affect this portfolio, we will be evaluating the implications for individual transit operators as part of our ongoing reviews.
Ratings List | ||||||||
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All ratings in this list have a negative outlook. | ||||||||
Credit | Issues | State | Rating | |||||
Regional Pub Transp Auth | US$22.9 mil transportation excise tax rev rfdg bnds ser 2016 dtd 04/27/2016 due 07/01/2025 | AZ | AA+ | |||||
Regional Pub Transp Auth | US$115.0 mil transp exc tax rev bnds ser 2014 due 07/01/2025 | AZ | AA+ | |||||
Regional Pub Transp Auth | US$23.62 mil transp excise tax rev rfdg bnds ser 2019 dtd 06/27/2019 due 07/01/2022 2024-2025 | AZ | AA+ | |||||
Regional Pub Transp Auth | US$100.075 mil transp exc tax rev bnds (Maricopa Cnty Pub Transp Fd) ser 2009B dtd 06/30/2009 due 07/01/2011-2023 2025 | AZ | AA+ | |||||
Los Angeles County Metropolitan Transportation Authority* | US$40. mil gen rev rfdg bnds (Union Station Gateway Proj) ser 2010A dtd 07/22/2010 due 07/01/2011-2021 | CA | AA+ | |||||
Los Angeles County Metropolitan Transportation Authority* | US$72.955 mil gen rev rfdg bnds (Union Station Gateway Proj) ser 2015 due 07/01/2027 | CA | AA+ | |||||
Los Angeles County Metropolitan Transportation Authority* | US$318.18 mil sales tax rev bnds (Proposition C Sr Bnds) ser 2013-B due 07/01/2043 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$134.085 mil sales tax rev rfdg bnds (Proposition C Sr Bnds) ser 2013-C due 07/01/2034 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$12.585 mil sales tax rev rfdg bnds (Proposition C Sr Bnds) ser 2012A dtd 07/26/2012 due 07/01/2027-2028 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$70.0 mil sales tax bnds ser 2014-A due 07/01/2034 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$454.845 mil proposition C sales tax rev bnds sr bnds ser 2017A dtd 02/08/2017 due 07/01/2018-2039 2042 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$245.825 mil sales tax rev rfdg bnds (Proposition C Sr) ser 2009B dtd 06/16/2009 due 07/01/2010-2020 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$81.605 mil sales tax rev rfdg bnds (Proposition C Sr Bnds) ser 2012B dtd 07/26/2012 due 07/01/2020-2025 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$418.575 mil proposition C sales tax rev bnds (Green Bonds Senior Bnds) ser 2019A dtd 02/20/2019 due 07/01/2024-2031 2037-2039 2044 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$48.05 mil sales tax rev rfdg bnds (Proposition C) ser 2019C due 07/01/2029 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$56.16 mil proposition C sales tax rev rfdg bnds (Proposition C) ser 2018-A due 07/01/2022 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$87.56 mil sales tax rev rfdg bnds (Proposition C) ser 2016-A dtd 06/01/2016 due 07/01/2030 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$37.67 mil prop C sales tax rev rfdg bnds (Senior Bnds) ser 2010-A dtd 01/28/2010 due 07/01/2011-2012 2023 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$149.515 mil sales tax rev rfdg bnds (Proposition C Sr Bnds) ser 2013A due 07/01/2023 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$126.425 mil proposition C sales tax rev bnds (Senior Bnds) ser 2019B dtd 02/20/2019 due 07/01/2032-2036 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$262.195 mil sales tax rev rfdg bnds (Proposition A) ser 2013-A dtd 04/04/2013 due 07/01/2015-2021 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$140.435 mil proposition A first tier sr sales tax rev rfdg bnds ser 2014A due 07/01/2035 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$57.745 mil proposition A first tier sr tax rev rfdg bnds ser 2019-A dtd 04/16/2019 due 07/01/2020-2025 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$65.825 mil sales tax rev rfdg bnds (Proposition A First Tier Senior) ser 2008-A4 dtd 09/19/2008 rmktd 08/04/2011 due 07/01/2031 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$15.395 mil proposition A first tier sr sales tax rev rfdg bnds (Proposition A) ser 2018-A due 07/01/2031 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$243.795 mil Proposition A 1st tier sr sales tax rev rfdg bnds ser 2003B dtd 06/01/2003 due 07/01/2019 2020 2021 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$243.795 mil Proposition A 1st tier sr sales tax rev rfdg bnds ser 2003B dtd 06/01/2003 due 07/01/2019 2020 2021 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$86.735 mil proposition a first tier senior sales tax rev rfdg bnds ser 2017 - B due 07/01/2023 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$471.395 mil proposition a first tier senior sales tax reb bnds (Green Bonds) ser 2017-A due 07/01/2022-2042 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$93.155 mil sales tax rev rfdg bnds (Proposition A First Tier Sr) ser 2011-B dtd 10/27/2011 due 07/01/2022-2023 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$194.535 mil Proposition A first tier snr sales tax rev rfdg bnds ser 2016-A due 07/01/2031 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$65.75 mil sales tax rev rfdg bnds (Proposition A First Tier Senior) ser 2008-A3 dtd 09/19/2008 rmktd dtd 08/04/2011 due 07/01/2031 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$25.71 mil first tier sr sales tax rev rfdg bnds (Proposition A) ser 2015-A due 07/01/2035 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$98.385 mil sales tax rev rfdg bnds (Proposition A) ser 2012-A dtd 08/30/2012 due 07/01/2014 2017-2021 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$573.95 mil sr sales tax rev bnds (taxable BABs) (Measure R) ser 2010A dtd 11/16/2010 due 04/01/2021-2025 2039 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$158.46 mil sr sales tax rev bnds (Tax-exempt) (Measure R) ser 2010B due 04/01/2018 | CA | AAA | |||||
Los Angeles County Metropolitan Transportation Authority* | US$522.12 mil sr sales tax rev bnds (Measure R) ser 2016-A due 01/01/2099 | CA | AAA | |||||
San Francisco Bay Area Rapid Transit District | US$111.085 mil sales tax rev bnds (federally taxable) ser 2012B due 07/01/2042 | CA | AA+ | |||||
San Francisco Bay Area Rapid Transit District | US$131.86 mil sales tax rev bnds ser 2012A due 07/01/2036 | CA | AA+ | |||||
San Francisco Bay Area Rapid Transit District | US$129.595 mil sales tax rev bnds ser 2010 dtd 05/19/2010 due 07/01/2011-2028 | CA | AA+ | |||||
San Francisco Bay Area Rapid Transit District | US$80.29 mil (taxable) sales tax rev bnds ser 2019B dtd 10/31/2019 due 07/01/2023-2036 | CA | AA+ | |||||
San Francisco Bay Area Rapid Transit District | US$223.02 mil sales tax rev bnds ser 2019A dtd 10/31/2019 due 07/01/2029-2039 2044 | CA | AA+ | |||||
San Francisco Bay Area Rapid Transit District | US$67.245 mil sales tax rev bnds 2017 rfdg (Green Bnds) ser B dtd 12/28/2017 due 06/30/2018-2023 | CA | AA+ | |||||
San Francisco Bay Area Rapid Transit District | US$118.260 mil sales tax rev bnds 2017 rfdg (Green Bnds) ser A dtd 12/28/2017 due 06/30/2023-2034 | CA | AA+ | |||||
San Francisco Bay Area Rapid Transit District | US$76.75 mil sales tax rev rfdg bnds ser 2016A due 07/01/2036 | CA | AA+ | |||||
San Francisco Bay Area Rapid Transit District | US$186.64 mil sales tax rev bnds 2015 ser A dtd 10/08/2015 due 07/01/2034 | CA | AA+ | |||||
San Mateo Cnty Transit Dist* | US$205.27 mil ltd sales tax bnds ser 2015A due 06/01/2034 | CA | AAA | |||||
Santa Clara Vy Transp Auth* | US$58.975 mil sales tax rev rfdg bnds (2000 Measure A (var rate dem bnds)) ser 2008C dtd 06/25/2008 RMKT dtd 06/16/2010 due 04/01/2036 | CA | AA+ | |||||
Santa Clara Vy Transp Auth* | US$88.045 mil tax-exempt sales tax rev rfdg bnds (2000 Measure A) ser 2015A dtd 02/04/2015 due 04/01/2036 | CA | AA+ | |||||
Santa Clara Vy Transp Auth* | US$469.73 mil 2000 Measure A sales tax rev bnds (taxable BABs) ser 2010A dtd 11/17/2010 due 04/01/2021-2023 2032 | CA | AA+ | |||||
Santa Clara Vy Transp Auth* | US$58.975 mil sales tax rev rfdg bnds (2000 Measure A (var rate dem bnds)) ser 2008D dtd 06/25/2008 RMKT dtd 06/16/2010 due 04/01/2036 | CA | AA+ | |||||
Santa Clara Vy Transp Auth* | US$59.805 mil Sales Tax rev rfdg bnds (2000 Measure A (Var Rate Demand Bnds)) ser 2008A due 04/01/2036 | CA | AA+ | |||||
Santa Clara Vy Transp Auth* | US$176.16 mil 2000 Measure A sales tax rev bnds (tax-exempt) ser 2010B dtd 11/17/2010 due 04/01/2014-2020 | CA | AA+ | |||||
Santa Clara Vy Transp Auth* | US$58.975 mil Sales Tax rev rfdg bnds (2000 Measure A (Var Rate Demand Bnds)) ser 2008B due 04/01/2036 | CA | AA+ | |||||
Santa Clara Vy Transp Auth* | US$27.76 mil sales tax rev rfdg bnds ser 2017B dtd 12/21/2017 due 06/01/2018-2028 | CA | AAA | |||||
Santa Clara Vy Transp Auth* | US$103.215 mil sales tax rev rfdg bnds ser 2018A dtd 09/26/2018 due 06/01/2019-2026 | CA | AAA | |||||
Santa Clara Vy Transp Auth* | US$48.29 mil sales tax rfdg rev bnds dtd 10/15/2011 due 06/01/2012-2028 | CA | AAA | |||||
Sonoma Marin Area Rail Transit District* | US$170.725 mil measure Q sales tax rev bnds ser 2011A dtd 12/20/2011 rmktd dtd 5/1/2012 due 03/01/2016-2029 | CA | AA | |||||
Regional Transp Dist* | US$96.58 mil taxable sales tax rev rfdg bnds ser 2013A dtd 03/26/2013 due 11/01/2013-2021 | CO | AAA | |||||
Regional Transp Dist* | US$69.825 mil sales tax rev rfdg bnds ser 2007A dtd 03/21/2007 due 11/01/2018-2024 | CO | AAA | |||||
Regional Transp Dist* | US$204.82 mil sales tax rev rfdg bnds (Fastracks Proj) ser 2013A dtd 05/16/2013 due 11/01/2027-2029 2031-2032 2036 | CO | AA+ | |||||
Regional Transp Dist* | US$124.035 mil sales tax rev rfdg bnds (Fastracks Proj) ser 2017B due 12/31/2036 | CO | AA+ | |||||
Regional Transp Dist* | US$194.965 mil bnds ser 2016 dtd 11/17/2016 due 11/01/2036 2041 2046 | CO | AA+ | |||||
Regional Transp Dist* | US$82.74 mil sales tax rev rfdg bnds (Fastracks Proj) ser 2019A dtd 12/18/2019 due 11/01/2038 | CO | AA+ | |||||
Regional Transp Dist* | US$82.895 mil sales tax rev bnds (Fastracks Proj) ser 2017A dtd 02/03/2017 due 11/01/2018-2037 2040 | CO | AA+ | |||||
Regional Transp Dist* | US$474.935 mil sales tax rev bnds (Fastracks Proj) ser 2012A dtd 12/20/2012 due 11/01/2023-2032 2037 | CO | AA+ | |||||
Regional Transp Dist* | US$300. mil taxable sales tax rev bnds (Direct Pay BABs) (Fastracks Proj) ser 2010B dtd 11/23/2010 due 11/01/2050 | CO | AA+ | |||||
Regional Transp Dist* | US$363.725 mil sales tax rev rfdg bnds (Fastracks Proj) ser 2007A dtd 05/01/2007 due 11/01/2007-2036 | CO | AA+ | |||||
Regional Transp Dist* | US$79.14 mil tax-exempt sales tax rev bnds (Fastracks Proj) ser 2010A dtd 11/23/2010 due 11/01/2038 | CO | AA+ | |||||
Roaring Fork Transportation Authority* | US$6.7 mil sales & use tax rfdg rev bnds ser 2012 dtd 08/30/2012 due 12/01/2014-2022 2027 2032 | CO | AA | |||||
Roaring Fork Transportation Authority* | US$25.305 mil sales & use tax rev rfdg & imp bnds ser 2019 due 12/01/2049 | CO | AA | |||||
Roaring Fork Transportation Authority* | US$27.5 mil sales & use tax rev bnds ser 2009 dtd 07/09/2009 due 12/01/2010-2020 2029 2033 2039 | CO | AA | |||||
Metro Atlanta Rapid Transit Auth* | US$130.755 mil sales tax rev bnds ser 2020A due 07/01/2050 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$22.98 mil sales tax rev bnds (Third indenture series) ser 2013A dtd 06/06/2013 due 07/01/2014-2020 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$300.0 mil sales tax rev bnds ser 2014A | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$100.0 mil Sales Tax Rev Bnds ser 2015 dtd 04/30/2015 due 07/01/2045 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$88.485 mil sales tax rev bnds ser 2015B dtd 12/10/2015 due 07/01/2021-2029 2041-2045 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$93.085 mil sales tax rfdg rev bnds ser 2015C dtd 12/10/2015 due 07/01/2026-2029 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$242.985 mil sales tax rev bnds ser 2016B dtd 03/01/2016 due 07/01/2030-2037 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$100.815 mil Sales Tax Rev bnds (Third Indenture) ser 2017A dtd 04/27/2017 due 07/01/2027-2047 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$263.545 mil sales tax rev bnds ser 2017 dtd 08/17/2017 due 07/01/2018-2039 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$55.845 mil sales tax rev rfdg bnds ser 2017D dtd 12/14/2017 due 07/01/2018-2030 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$165.875 mil sales tax rev rfdg bnds ser 2018A dtd 07/19/2018 due 07/01/2019-2025 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$128.68 mil sales tax rev bnds ser 2019A due 07/01/2047 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$190.49 mil sales tax rev bnds (3rd indenture series) rfdg ser 2005A dtd 07/01/2005 due 07/01/2012-2020 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$145.725 mil sales tax rev bnds (3rd indenture ser) rfdg ser 2007A dtd 03/15/2007 due 07/01/2021-2029 2032 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$145.725 mil sales tax rev bnds (3rd indenture ser) rfdg ser 2007A dtd 03/15/2007 due 07/01/2021-2029 2032 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$250. mil sales tax rev bnds (3rd indenture series) ser 2009A dtd 09/24/2009 due 07/01/2034 2036 2039 | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$215.92 mil sales tax rev bnds (3rd indenture series) (Taxable Build America Bnds) ser 2009B | GA | AA+ | |||||
Metro Atlanta Rapid Transit Auth* | US$328.105 mil sales tax rev bnds (3rd indenture ser) rfdg ser 2012A&B dtd 05/24/2012 due 07/01/2015-2023 2026-2036 2040 | GA | AA+ | |||||
Chicago Transit Auth | US$455.75 mil sales tax rcpts rev bnds ser 2011 dtd 11/04/2011 due 12/01/2021-2031 2036 2040 | IL | AA | |||||
Chicago Transit Auth | US$455.75 mil sales tax rcpts rev bnds ser 2011 dtd 11/04/2011 due 12/01/2021-2031 2036 2040 | IL | AA | |||||
Chicago Transit Auth | US$455.75 mil sales tax rcpts rev bnds ser 2011 dtd 11/04/2011 due 12/01/2021-2031 2036 2040 | IL | AA | |||||
Chicago Transit Auth | US$455.75 mil sales tax rcpts rev bnds ser 2011 dtd 11/04/2011 due 12/01/2021-2031 2036 2040 | IL | AA | |||||
Chicago Transit Auth | US$455.75 mil sales tax rcpts rev bnds ser 2011 dtd 11/04/2011 due 12/01/2021-2031 2036 2040 | IL | AA | |||||
Chicago Transit Auth | US$560. mil sales tax bnds ser 2010A&B due 12/01/2040 | IL | AA | |||||
Chicago Transit Auth | US$560. mil sales tax bnds ser 2010A&B due 12/01/2040 | IL | AA | |||||
Chicago Transit Auth | US$560. mil sales tax bnds ser 2010A&B due 12/01/2040 | IL | AA | |||||
Chicago Transit Auth | US$555 mil sales tax receipts rev bnds ser 2014 due 12/01/2049 | IL | AA | |||||
Chicago Transit Auth | US$455.75 mil sales tax rcpts rev bnds ser 2011 dtd 11/04/2011 due 12/01/2021-2031 2036 2040 | IL | AA | |||||
Chicago Transit Auth | US$1,900. mil sales & transfer tax taxable bnds ser 2008A&B dtd 08/06/2008 due 12/01/2013 2021 2040 | IL | AA | |||||
Chicago Transit Auth | US$1,900. mil sales & transfer tax taxable bnds ser 2008A&B dtd 08/06/2008 due 12/01/2013 2021 2040 | IL | AA | |||||
Chicago Transit Auth | US$455.75 mil sales tax rcpts rev bnds ser 2011 dtd 11/04/2011 due 12/01/2021-2031 2036 2040 | IL | AA | |||||
Chicago Transit Auth | US$455.75 mil sales tax rcpts rev bnds ser 2011 dtd 11/04/2011 due 12/01/2021-2031 2036 2040 | IL | AA | |||||
Chicago Transit Auth | US$555 mil sales tax receipts rev bnds ser 2014 due 12/01/2049 | IL | AA | |||||
Chicago Transit Auth | US$555 mil sales tax receipts rev bnds ser 2014 due 12/01/2049 | IL | AA | |||||
Chicago Transit Auth | US$327.805 mil second lien sales tax receipts rev bnds ser 2017 dtd 01/25/2017 due 12/01/2051 | IL | A+ | |||||
Chicago Transit Auth | US$327.805 mil second lien sales tax receipts rev bnds ser 2017 dtd 01/25/2017 due 12/01/2051 | IL | A+ | |||||
Chicago Transit Auth | US$327.805 mil second lien sales tax receipts rev bnds ser 2017 dtd 01/25/2017 due 12/01/2051 | IL | A+ | |||||
Chicago Transit Auth | US$327.805 mil second lien sales tax receipts rev bnds ser 2017 dtd 01/25/2017 due 12/01/2051 | IL | A+ | |||||
Indianapolis Pub Transp Corp* | US$26.0 mil local income tax rev bnds (Indianapolis Pub Transp Corp) ser 2018A dtd 11/21/2018 due 01/15/2019-2028 & 07/15/2019-2027 | IN | AA- | |||||
New Orleans Regional Transit Auth* | US$23.216 mil sales tax rev bnds ser 1991 dtd 12/01/1991 due 12/01/2021 | LA | A+ | |||||
New Orleans Regional Transit Auth* | US$75. mil sales tax rev bnds ser 2010 dtd 10/14/2010 due 12/01/2011-2027 2030 | LA | A+ | |||||
Bi-State Dev Agy | US$97.22 mil mass transit sales tax approp rfdg bnds (Metrolink Cross Cnty Extension Proj) ser 2009 dtd 11/09/2009 due 10/01/2023-2032 2035 2039 | MO | AA+ | |||||
Bi-State Dev Agy | US$381.225 mil comb lien mass trans sales tax approp rfdg bnds ser 2013A dtd 08/01/2013 due 10/01/2014-2025 2028 2033 2044 2046 2048 2050 2052 | MO | AA+ | |||||
Bi-State Dev Agy | US$164.43 mil combined lien mass transit sales tax approp rfdg bnds ser 2019 dtd 09/26/2019 due 10/01/2023-2032 2034-2039 2044 2048 | MO | AA+ | |||||
Greater Cleveland Regl Transit Auth* | US$41.935 mil sales tax supported cap imp & rfdg bnds ser 2012 dtd 06/07/2012 due 12/01/2012-2031 | OH | AA+ | |||||
Greater Cleveland Regl Transit Auth* | US$30.0 mil sales tax supported cap imp bnds ser 2019 due 12/01/2039 | OH | AA+ | |||||
Greater Cleveland Regl Transit Auth* | US$14.68 mil sales tax supported cap imp rfdg bnds ser 2016 due 12/01/2031 | OH | AA+ | |||||
Greater Cleveland Regl Transit Auth* | US$50.625 mil sales tax supported cap imp & rfdg bnds ser 2015 due 12/01/2034 | OH | AA+ | |||||
Greater Cleveland Regl Transit Auth* | US$16.34 mil sales tax supported cap imp rfdg bnds (taxable) ser 2014B dtd 04/16/2014 due 12/01/2015-2019 | OH | AA+ | |||||
Greater Cleveland Regl Transit Auth* | US$13.36 mil sales tax supported cap imp rfdg bnds (tax-exempt) ser 2014A dtd 04/16/2014 due 12/01/2020-2025 | OH | AA+ | |||||
Tri-cnty Metro Transp Dist* | US$97.43 mil sr lien payroll tax rev bnds ser 2017A dtd 02/22/2017 due 09/01/2018-2037 2041 | OR | AAA | |||||
Tri-cnty Metro Transp Dist* | US$148.245 mil sr lien payroll tax rev bnds ser 2018A dtd 06/20/2018 due 09/01/2019-2038 2043 2048 | OR | AAA | |||||
Tri-cnty Metro Transp Dist* | US$71.885 mil sr lien payroll tax rev bnds ser 2015A dtd 09/30/2015 due 09/01/2016-2034 2040 | OR | AAA | |||||
Tri-cnty Metro Transp Dist* | US$156.01 mil sr ln payroll tax rev bnds ser 2019A due 09/01/2049 | OR | AAA | |||||
Tri-cnty Metro Transp Dist* | US$62.705 mil sr lien payroll tax rev rfdg bnds ser 2015B dtd 09/30/2015 due 09/01/2016-2031 | OR | AAA | |||||
Tri-cnty Metro Transp Dist* | US$93.29 mil sr lien payroll tax bnds ser 2012A dtd 08/30/2012 due 09/01/2013-2032 2037 | OR | AAA | |||||
Tri-cnty Metro Transp Dist* | US$62.855 mil senior lien payroll tax rev rfdg bnds ser 2016A due 09/01/2037 | OR | AAA | |||||
Tri-cnty Metro Transp Dist* | US$21.95 mil sr lien payroll tax rev bnds (Tax-Exempt) ser 2009A dtd 10/27/2009 due 09/01/2010-2022 2025 2029 | OR | AAA | |||||
Tri-cnty Metro Transp Dist* | US$27.6 mil sr lien payroll tax rev bnds (BABs) taxable ser 2009B dtd 10/27/2009 due 09/01/2033 | OR | AAA | |||||
Tri-cnty Metro Transp Dist* | US$63.49 mil sr ln payroll tax rev rfdg bnds ser 2019B due 09/01/2040 | OR | AAA | |||||
Dallas Area Rapid Transit* | US$228.9 mil sr lien sales tax rev rfdg bnds ser 2016B dtd 09/21/2016 due 12/01/2019-2022 2028-2038 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$482.53 mil sr lien sales tax rev rfdg bnds ser 2016A | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$112.72 mil sr lien sales tax rev rfdg and imp bnds ser 2015 dtd 12/01/2015 due 12/21/2027 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$28.195 mil sr lien tax rev rfdg bnds ser 2014B due 12/01/2043 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$402.305 mil sr lien tax rev rfdg bnds ser 2014A due 12/01/2036 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$120.0 mil sr ln sales tax rev bnd, taxable (Tifia Loan) ser 2012A dtd 12/11/2012 due 12/01/2047 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$128.315 mil sr lien sales tax rev bnds ser 2012 dtd 11/15/2012 due 12/01/2013-2037 2042 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$113.315 mil sr lien sales tax rev rfdg bnds ser 2020C due 12/01/2043 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$32.7 mil sr lien sales tax rev rfdg bnds ser 2020B due 12/01/2023 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$80.615 mil sr lien sales tax rev imp and rfdg bnds ser 2020A due 12/01/2035 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$729.39 mil sr lien sales tax rev bnds taxable (Build America Bnds Direct Pymt To Issuer) ser 2010B dtd 10/07/2010 due 12/01/2041 2048 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$95.235 mil sr lien sales tax rev rfdg bnds ser 2010A dtd 10/07/2010 due 12/01/2013-2023 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$829.615 mil taxable sr lien sales tax rev bnds (Build America Bnds) ser 2009B dtd 06/25/2009 due 12/01/2034 2044 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$170.385 mil sr lien sales tax rev bnds ser 2009A dtd 06/25/2009 due 12/01/2014-2022 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$731.415 mil senior lien sales tax rev bnds ser 2008 dtd 06/23/2008 due 12/01/2009-2028 2030 2033 2038 2043 2048 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$731.415 mil senior lien sales tax rev bnds ser 2008 dtd 06/23/2008 due 12/01/2009-2028 2030 2033 2038 2043 2048 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$770.27 mil sr lien sales tax rev rfdg bnds ser 2007 dtd 03/08/2007 due 12/01/2007-2032 2036 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$301.095 mil sr lien sales tax rev rfdg bnds ser 2019 dtd 04/09/2019 due 12/01/2023-2034 | TX | AA+ | |||||
Dallas Area Rapid Transit* | US$908.0 mil sr ln sales tax rev bnds (Cotton Belt) ser 2018 due 12/01/2057 | TX | AA+ | |||||
Harris Cnty Metro Transit Auth* | US$63.915 mil sales and use tax contractual oblig ser 2015B due 11/01/2027 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$29.995 mil sales and use tax rfdg bnds ser 2017A dtd 11/08/2017 due 11/01/2020-2025 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$462.98 mil sales and use tax bnds ser 2011A dtd 09/28/2011 due 11/01/2015-2031 2036 2041 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$119.03 mil sales & use tax contractual oblig ser 2018 dtd 12/20/2018 due 11/01/2022-2038 2043 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$49.41 mil sales and use tax contractual obligs ser 2011B dtd 09/28/2011 due 11/01/2012-2023 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$64.120 mil sales and use tax rfdg bnds ser 2019A dtd 09/26/2019 due 11/01/2030-2038 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$23.88 mil taxable sales and use tax rfdg bnds ser 2019B dtdt 09/15/2019 due 11/01/2020-2021 2025-2030 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$130.605 mil sales and use tax contractual obligations ser 2014 dtd 04/22/2014 due 11/01/2015-2029 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$44.99 mil sales & use tax contractual obligs ser 2010A dtd 06/23/2010 due 11/01/2011-2022 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$44.445 mil sales and use tax contractual oblig ser 2016D dtd 12/01/2016 due 11/01/2019-2028 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$32.305 mil sales and use tax rfdg contractual oblig ser 2016B | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$103.6 mil sales and use tax rfdg bnds ser 2016A | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$304.785 mil sales and use tax rfdg bnds ser 2020A due 11/01/2042 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$94.465. mil sales & use tax bnds ser 2009A dtd 06/11/2009 due 11/01/2010-2029 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$42.780 mil sales & use tax contractual obligs ser 2009B dtd 06/11/2009 due 11/01/2010-2029 2033 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$100.95 mil sales and use tax rfdg contractual oblig ser 2017B dtd 11/08/2017 due 11/01/2020-2029 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$53.42 mil sales and use tax bnds ser 2015A due 08/15/2020 | TX | AAA | |||||
Harris Cnty Metro Transit Auth* | US$42.165 mil Sales and Use Tax Contractual Obligations ser 2009D dtd 12/30/2009 due 11/01/2010-2021 | TX | AAA | |||||
VIA Metro Transit Adv Transp Dist* | US$32.925 mil sales tax rev imp and rfdg bnds ser 2014 dtd 07/01/2014 due 08/01/2038 | TX | AA | |||||
VIA Metro Transit Auth* | US$81.995 mil contractual oblig ser 2017 dtd 01/01/2017 due 07/15/2018-2029 | TX | AA | |||||
Utah Transit Auth* | US$145.691 mil sales tax rev bnds ser 2016 dtd 08/24/2016 due 12/15/2027-2032 | UT | A+ | |||||
Utah Transit Auth* | US$296.825 mil subordinated sales tax & rfdg rev bnds ser 2012 dtd 11/28/2012 due 06/15/2015-2017 2021-2032 2039 2042 | UT | A+ | |||||
Utah Transit Auth* | US$296.825 mil subordinated sales tax & rfdg rev bnds ser 2012 dtd 11/28/2012 due 06/15/2015-2017 2021-2032 2039 2042 | UT | A+ | |||||
Utah Transit Auth* | US$148.03 mil subordinated sales tax rev rfdg bnds ser 2019 due 12/15/2042 | UT | A+ | |||||
Utah Transit Auth* | US$145.691 mil sales tax rev bnds ser 2016 dtd 08/24/2016 due 12/15/2027-2032 | UT | A+ | |||||
Utah Transit Auth* | US$261.124 mil subord sales tax rev & rfdg bnds ser 2007A dtd 06/19/2007 due 06/15/2016-2020 2024 2028 2031 2035 cap apprec.bnds 06/15/2018-2037 | UT | A+ | |||||
Utah Transit Auth* | US$200. mil taxable subord sales tax rev bnds (BABs) ser 2010 dtd 10/20/2010 due 06/15/2040 | UT | A+ | |||||
Utah Transit Auth* | US$192.21 mil subord lien sales tax rev rfdg bnds ser 2015A due 06/15/2037 | UT | A+ | |||||
Utah Transit Auth* | US$261.124 mil subord sales tax rev & rfdg bnds ser 2007A dtd 06/19/2007 due 06/15/2016-2020 2024 2028 2031 2035 cap apprec.bnds 06/15/2018-2037 | UT | A+ | |||||
Utah Transit Auth* | US$115.54 mil subord sales tax rev rfdg bnds ser 2018 dtd 03/15/2018 due 12/15/2018-2041 | UT | A+ | |||||
Utah Transit Auth* | US$115.54 mil subord sales tax rev rfdg bnds ser 2018 dtd 03/15/2018 due 12/15/2018-2041 | UT | A+ | |||||
Utah Transit Auth* | US$145.691 mil sales tax rev bnds ser 2016 dtd 08/24/2016 due 12/15/2027-2032 | UT | A+ | |||||
Utah Transit Auth* | US$261.124 mil subord sales tax rev & rfdg bnds ser 2007A dtd 06/19/2007 due 06/15/2016-2020 2024 2028 2031 2035 cap apprec.bnds 06/15/2018-2037 | UT | A+ | |||||
Utah Transit Auth* | US$639.43 mil sr lien sales tax rev rfdg bnds ser 2015A due 06/15/2038 | UT | AA | |||||
Utah Transit Auth* | US$12.025 mil sales tax rev rfdg rev bnds ser 2013 due 06/15/2025 | UT | AA | |||||
Utah Transit Auth* | US$211.525 mil sales tax rev rfdg bnds ser 2020 due 12/15/2038 | UT | AA | |||||
Utah Transit Auth* | US$261.45 mil taxable sales tax rev bnds ser 2009B dtd 05/21/2009 due 06/15/2039 | UT | AA | |||||
Utah Transit Auth* | US$44.55 mil sales tax rev bnds ser 2009A dtd 05/21/2009 due 06/15/2020-2024 2026-2029 | UT | AA | |||||
Utah Transit Auth* | US$700. mil sales tax rev bnds ser 2008A dtd 04/10/2008 due 06/15/2018-2028 2032 2036 2038 | UT | AA | |||||
Utah Transit Auth* | US$700. mil sales tax rev bnds ser 2008A dtd 04/10/2008 due 06/15/2018-2028 2032 2036 2038 | UT | AA | |||||
Utah Transit Auth* | US$134.65 mil sales tax rev rfdg bnds ser 2006C dtd 10/24/2006 due 06/15/2013-2023 2025 2027 2029 2032 | UT | AA | |||||
Utah Transit Auth* | US$20.63 mil sales tax rev rfdg bnds ser 2005A dtd 08/10/2005 due 06/15/2008-2022 | UT | AA | |||||
Utah Transit Auth* | US$303.615 mil sales tax rev rfdg bnds ser 2019B due 12/15/2042 | UT | AA | |||||
Utah Transit Auth* | US$59.88 mil sales tax rev bnds ser 2019A due 12/15/2044 | UT | AA | |||||
Utah Transit Auth* | US$83.765 mil sales tax rev bnds ser 2018 dtd 03/15/2018 due 12/15/2019 2033-2036 | UT | AA | |||||
Central Puget Sound Regl Transit Auth* | US$350. mil sales and motor vehicle excise tax bnds ser 1999 dtd 12/01/1998 due 02/01/2006-2018 2021 2023 2028 | WA | AAA | |||||
Central Puget Sound Regl Transit Auth* | US$216.37 mil sales tax & mtr veh exc tax rfdg bnds ser 2012P-1 dtd 08/22/2012 due 02/01/2013-2028 | WA | AAA | |||||
Central Puget Sound Regl Transit Auth* | US$75. mil sales tax & mtr veh excise tax BABs taxable ser 2009P-2T dtd 09/29/2009 due 02/01/2024 2028 | WA | AAA | |||||
Central Puget Sound Regl Transit Auth* | US$75.0 mil sales tax and motor veh excise tax imp 06/05/2018 rmktd bnds ser 2015S-2A dtd 09/10/2015 due 11/01/2045 | WA | AAA | |||||
Central Puget Sound Regl Transit Auth* | US$75.0 mil sales tax and motor veh excise tax imp 06/05/2018 rmktd bnds ser 2015S-2B dtd 09/10/2015 due 11/01/2045 | WA | AAA | |||||
Central Puget Sound Regl Transit Auth* | US$102.255 mil sales tax rfdg bnds ser 2012S-1 dtd 08/22/2012 due 11/01/2016-2030 | WA | AAA | |||||
Central Puget Sound Regl Transit Auth* | US$792.84 mil sales tax imp and rfdg bnds (Green Bnds) ser 2015S-1 dtd 09/10/2015 due 11/01/2018 2024-2027 2029-2036 2040 2045 2050 | WA | AAA | |||||
Central Puget Sound Regl Transit Auth* | US$300. mil sales tax BABs taxable ser 2009S-2T dtd 09/29/2009 due 11/01/2039 | WA | AAA | |||||
Central Puget Sound Regl Transit Auth* | US$75 mil sales tax imp and rfdg bnds (Green Bnds) ser 2015S-2A dtd 09/10/2015 due 11/01/2045 | WA | AAA | |||||
Central Puget Sound Regl Transit Auth* | US$75.0 mil sales tax imp bnds (Green Bnds) ser 2015S-2B dtd 09/10/2015 due 11/01/2045 | WA | AAA | |||||
Central Puget Sound Regl Transit Auth* | US$400.0 mil sales tax and motor veh excise tax bnds (Green Bonds) ser 2016 dtd 12/19/2016 due 11/01/2021-2036 2041 2046 | WA | AAA | |||||
Central Puget Sound Regl Transit Auth* | US$629.472 mil TIFIA loan due 05/01/2059 | WA | AA+ | |||||
Central Puget Sound Regl Transit Auth* | US$87.664 mil TIFIA loan - OMFE proj (Second Tier Junior Lien) due 11/01/2055 | WA | AA+ | |||||
Central Puget Sound Regl Transit Auth* | US$615.267 mil TIFIA loan (Northgate Link Proj) due 12/01/2056 | WA | AA+ | |||||
Central Puget Sound Regl Transit Auth* | US$1990.267 mil master credit agreement (TIFIA) due 12/01/2059 | WA | AA+ | |||||
Central Puget Sound Regl Transit Auth* | US$1330.00 mil TIFIA loan (2nd tier jr lien) due 11/01/2058 | WA | AA+ | |||||
Central Puget Sound Regl Transit Auth* | US$657.863 mil TIFIA loan - lynnwood proj (4th Lien) due 11/01/2058 | WA | AA+ | |||||
Snohomish County Public Transportation Benefit Area Corporation* | US$11.485 mil ltd sales tax GO bnds ser 2017 due 08/01/2027 | WA | AAA | |||||
*Certain credits included in this outlook revision were assessed using an exception to our published criteria, Mass Transit Enterprise Ratings: Methodology and Assumptions. For more information on application of the criteria exception, please see our most recent rating reports on these entities. |
An Excel workbook listing the affected ratings can be downloaded here: https://www.standardandpoors.com/pt_LA/web/guest/article/-/view/sourceId/100042785
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Primary Credit Analyst: | Andrew Bredeson, Centennial + 1 (303) 721 4825; andrew.bredeson@spglobal.com |
Secondary Contact: | Jennifer K Garza (Mann), Farmers Branch (1) 214-871-1422; jennifer.garza@spglobal.com |
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