Summary: Contra Costa Transportation Authority, California; General Obligation; Sales Tax

S&P Global Ratings assigned its 'AA+' long-term rating to the Contra Costa Transportation Authority, Calif.'s $100 million series 2021A refunding bonds and $13.49 million series 2021B taxable refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating on the authority's sales tax revenue bonds outstanding. The outlook is stable. The 2021A bond proceeds will refund the series 2018A bonds, terminate a portion of the 2009 interest rate swap that hedges the series 2018A bonds, and fund the associated swap termination payment. The 2021B bond proceeds will refund the series 2012B bonds. A gross first lien pledge of Measure J sales tax revenue, net of an administrative fee paid to the California Department of Tax and Fee

...S&P Global Ratings assigned its '##+' long-term rating to the Contra Costa Transportation Authority, Calif.'s $100 million series 2021A refunding bonds and $13.49 million series 2021B taxable refunding bonds. At the same time, S&P Global Ratings affirmed its '##+' long-term rating on the authority's sales tax revenue bonds outstanding. The outlook is stable. The 2021A bond proceeds will refund the series 2018A bonds, terminate a portion of the 2009 interest rate swap that hedges the series 2018A bonds, and fund the associated swap termination payment. The 2021B bond proceeds will refund the series 2012B bonds. A gross first lien pledge of Measure J sales tax revenue, net of an administrative fee paid to the California Department of Tax and Fee Administration (CDTFA), secures the bonds. Measure J is a 0.5% sales and use tax charged on transactions and services within Contra Costa County. The tax began in 2009 and expires March 31, 2034, following final maturity on the bonds. Measure J replaced...

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