Summary: Contra Costa Transportation Authority, California; Sales Tax

S&P Global Ratings has assigned its 'AA+' long-term rating to the Contra Costa Transportation Authority, Calif.'s series 2018A and 2018B sales tax refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating on the authority's parity sales tax bonds outstanding. The outlook is stable. The rating reflects our view of the authority's: Strong pro forma maximum annual debt service (MADS) coverage of 2.0x; Strong 1.75x additional bonds test (ABT); and A broad and diverse economic base firmly integrated into the San Francisco Bay Area metropolitan statistical area. The bonds are limited obligations of the authority payable from its 0.5% retail sales and use tax (Measure J), authorized by voters through March 31, 2034. The sales tax

...S&P Global Ratings has assigned its '##+' long-term rating to the Contra Costa Transportation Authority, Calif.'s series 2018A and 2018B sales tax refunding bonds. At the same time, S&P Global Ratings affirmed its '##+' long-term rating on the authority's parity sales tax bonds outstanding. The outlook is stable. The rating reflects our view of the authority's: + Strong pro forma maximum annual debt service (MADS) coverage of 2.0x; + Strong 1.75x additional bonds test (ABT); and + A broad and diverse economic base firmly integrated into the San Francisco Bay Area metropolitan statistical area. The bonds are limited obligations of the authority payable from its 0.5% retail sales and use tax (Measure J), authorized by voters through March 31, 2034. The sales tax is net of an administrative fee to the California Dept. of Tax and Fee Administration. The bond proceeds will refund the series 2012A bonds, terminate a portion of the 2009 interest rate swap that hedges the series 2012A bonds and...

Summary