...S&P Global Ratings affirmed its '##-' long-term rating on the Washington Metro Area Transit Authority's (WMATA or the authority) gross revenue bonds outstanding, applying its Global Not-For-Profit Transportation Infrastructure Enterprises (TIE) criteria, published Nov. 2, 2020. The outlook is negative. The bonds are secured by gross revenue of the authority, including operating revenue (exclusive of lease revenue and parking revenue); each jurisdiction's operating subsidy, known as the stable and reliable funding sources; and all other authority revenue that can lawfully be pledged. Capital contributions from participating jurisdictions are not pledged. The bonds do not have a debt service reserve fund. Under the resolution, WMATA has covenanted to fix and establish transit system fees together, with jurisdictional subsidies and proceeds from bonds, notes, or other obligations such that the resulting amount pays all debt service (including related parity debt and subordinated indebtedness/subordinated...
