...S&P Global Ratings affirmed its 'A+' issuer credit rating (ICR) on Alameda-Contra Costa Transit District (AC Transit), Calif., and its 'A+' long-term rating on the district's series 2019 refunding certificates of participation (COPs). The outlook is negative. Our rating on AC Transit reflects our view of the district according to our "Mass Transit Enterprise Ratings: Methodology And Assumptions," criteria (published Dec. 18, 2013). Our long-term rating on the district's COPs also reflect the application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness," criteria, published Jan. 22, 2018, because the district includes the lease payments on the COPs in its annual budget, which is subject to appropriation. Given our analysis of the COP provisions and AC Transit as a mass transit operating entity, we view the risk of non-appropriation as remote. Therefore, we affirm the issue-level rating on the COPs at the same level as the ICR. The COPs represent an interest...
