Illinois Regional Transportation Authority's 2016C GO Working Cash Notes Assigned 'AA' Rating

CHICAGO (Standard&Poor's) April 22, 2016--Standard&Poor's Ratings Services assigned its 'AA' long-term rating to the Illinois Regional Transportation Authority's series 2016C taxable general obligation (GO) working cash notes. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the authority's previously issued GO debt and series 2014A1 GO working cash notes. We also affirmed our 'A-1+' short-term rating on the authority's series 2005B extendible reset securities. The outlook, where applicable, is stable. "Our rating on the 2016C notes incorporates our view of the authority's cash flow projections that show sufficient coverage to make the scheduled principal payment once the proceeds of the notes are included," said Standard&Poor's credit analyst Jennifer

...CHICAGO (Standard & Poor's) April 22, 2016--Standard & Poor's Ratings Services assigned its '##' long-term rating to the Illinois Regional Transportation Authority's series 2016C taxable general obligation (GO) working cash notes. At the same time, we affirmed our '##' long-term rating and underlying rating (SPUR) on the authority's previously issued GO debt and series 2014A1 GO working cash notes. We also affirmed our 'A-1+' short-term rating on the authority's series 2005B extendible reset securities. The outlook, where applicable, is stable. "Our rating on the 2016C notes incorporates our view of the authority's cash flow projections that show sufficient coverage to make the scheduled principal payment once the proceeds of the notes are included," said Standard & Poor's credit analyst Jennifer Boyd. The authority will use the 2016C notes for cash flow needs stemming from delays in state-sourced revenue. RELATED CRITERIA AND RESEARCH Related Criteria + USPF Criteria: Special Tax Bonds,...

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