Alameda Contra Costa Transit District, CA COP Outlook Revised To Stable From Negative, Rating Affirmed

S&P Global Ratings revised its outlook to stable from negative and affirmed its 'A+' long-term rating on Alameda Contra Costa Transit District (AC Transit), Calif.'s series 2009 certificates of participation (COPs). Also, we affirmed our 'a+' stand-alone credit profile (SACP) and our 'A+' issuer credit rating (ICR) on AC Transit. "The stable outlook reflects our view that although AC Transit's debt service coverage (DSC) metrics have fluctuated over the past few years, actual performance for fiscal 2018, with DSC of 2.8x, was materially much stronger than what we had calculated based on the fiscal 2018 budget," said S&P Global Ratings credit analyst Andrew Bredeson. "Furthermore, it reflects our view that AC Transit's strong property and sales tax revenue streams will

...S&P Global Ratings revised its outlook to stable from negative and affirmed its 'A+' long-term rating on Alameda Contra Costa Transit District (AC Transit), Calif.'s series 2009 certificates of participation (COPs). Also, we affirmed our 'a+' stand-alone credit profile (SACP) and our 'A+' issuer credit rating (ICR) on AC Transit. "The stable outlook reflects our view that although AC Transit's debt service coverage (DSC) metrics have fluctuated over the past few years, actual performance for fiscal 2018, with DSC of 2.8x, was materially much stronger than what we had calculated based on the fiscal 2018 budget," said S&P Global Ratings credit analyst Andrew Bredeson. "Furthermore, it reflects our view that AC Transit's strong property and sales tax revenue streams will continue to support a financial profile that we expect will remain strong, overall," Mr. Bredeson added. Our ratings on AC Transit reflect our view of the district according to our " Mass Transit Enterprise Ratings: Methodology...

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