Summary: Washington Metropolitan Area Transit Authority; Appropriations

S&P Global Ratings has assigned its 'AA' rating to the Washington Metropolitan Area Transit Authority's (WMATA) series 2020A dedicated revenue bonds. The outlook is stable. The series 2020A bonds total approximately $545 million and are the inaugural series of dedicated revenue bonds issued by the authority. The bonds are being issued pursuant to a resolution adopted April 23, 2020 by WMATA. The bonds are secured by dedicated capital funding revenues annually appropriated by the State of Maryland, the Commonwealth of Virginia, and District of Columbia. The revenues identified by the three jurisdictions are defined within individual funding commitments to WMATA. However, each separate revenue source is not specifically pledged for debt service, only the amounts annually appropriated and then deposited

...S&P Global Ratings has assigned its '##' rating to the Washington Metropolitan Area Transit Authority's (WMATA) series 2020A dedicated revenue bonds. The outlook is stable. The series 2020A bonds total approximately $545 million and are the inaugural series of dedicated revenue bonds issued by the authority. The bonds are being issued pursuant to a resolution adopted April 23, 2020 by WMATA. The bonds are secured by dedicated capital funding revenues annually appropriated by the State of Maryland, the Commonwealth of Virginia, and District of Columbia. The revenues identified by the three jurisdictions are defined within individual funding commitments to WMATA. However, each separate revenue source is not specifically pledged for debt service, only the amounts annually appropriated and then deposited into the WMATA revenue fund. Revenues deposited into the fund must first be used for debt service. The rating reflects the weakest credit quality of the three revenue sources based on our assessment...

Summary