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Mass Transit Agencies' Priority Lien Revenue Bond Outlooks Revised To Negative On Anticipated COVID-19 Pressures

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
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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jennifer.garza@spglobal.com

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