S&P Global Ratings assigned its 'AA' rating to the Washington Metropolitan Area Transit Authority 's (WMATA) series 2025A second-lien dedicated revenue bonds. S&P Global Ratings also affirmed its 'AA' rating on parity WMATA dedicated revenue bonds. The outlook is stable. Dedicated capital funding revenue, annually appropriated by the District of Columbia, the State of Maryland, and the Commonwealth of Virginia, secure the bonds. The revenue identified by the three jurisdictions is defined within individual funding commitments to WMATA. However, each separate revenue source is not specifically pledged for debt service, only the amounts annually appropriated and then deposited into the WMATA revenue fund, after payment on WMATA's pre-2018 bonds, if necessary, is pledged for debt service on these bonds. Once
