Summary: Contra Costa Transportation Authority, California; Sales Tax

S&P Global Ratings affirmed its 'AA+' long-term rating on the Contra Costa Transportation Authority, Calif.'s sales tax revenue bonds outstanding. The outlook is stable. The rating action reflects the application of our "priority-lien" criteria, published Oct. 22, 2018, on RatingsDirect, which factors in both the strength and stability of the pledged revenue, as well as the issuer's general credit quality. Due to the authority's limited scope of operations and the sufficient removal of the pledged revenue from the issuer's control, per the flow of funds through the funding of debt service, we believe the relationship between the obligor and the pledged revenue is limited. We consider the issuer to be the obligor. We apply our GO debt criteria (published Oct. 12, 2006,

...S&P Global Ratings affirmed its '##+' long-term rating on the Contra Costa Transportation Authority, Calif.'s sales tax revenue bonds outstanding. The outlook is stable. The rating action reflects the application of our "priority-lien" criteria, published Oct. 22, 2018, on RatingsDirect, which factors in both the strength and stability of the pledged revenue, as well as the issuer's general credit quality. Due to the authority's limited scope of operations and the sufficient removal of the pledged revenue from the issuer's control, per the flow of funds through the funding of debt service, we believe the relationship between the obligor and the pledged revenue is limited. We consider the issuer to be the obligor. We apply our GO debt criteria (published Oct. 12, 2006, on RatingsDirect) to evaluate the authority's general creditworthiness. The authority was formed in 1988 to manage the voter-approved sales tax levy authorized that year. The authority is broadly responsible for administering...

Summary