Summary: Washington Metropolitan Area Transit Authority, DC; Toll Roads Bridges; Transit

S&P Global Ratings affirmed its 'AA-' long-term rating on Washington Metropolitan Area Transit Authority, D.C.'s (WMATA or the authority) gross revenue transit bonds outstanding. S&P Global Ratings also affirmed its 'aa-' stand-alone credit profile (SACP) and 'AA-' issuer credit rating (ICR) on WMATA. The outlook, where applicable, is stable. The ratings reflect our view of WMATA's: Very low industry risk, with low cyclicality and volatility of earnings during economic cycles, and very low competition; Extremely strong economic fundamentals, with high per capita income and good growth in population and employment; Strong financial flexibility, with a farebox recovery ratio of approximately 39%; and Very strong liquidity levels, although unrestricted cash without access to external liquidity and lines of credit would be

...S&P Global Ratings affirmed its '##-' long-term rating on Washington Metropolitan Area Transit Authority, D.C.'s (WMATA or the authority) gross revenue transit bonds outstanding. S&P Global Ratings also affirmed its '##-' stand-alone credit profile (SACP) and '##-' issuer credit rating (ICR) on WMATA. The outlook, where applicable, is stable. The ratings reflect our view of WMATA's: + Very low industry risk, with low cyclicality and volatility of earnings during economic cycles, and very low competition; + Extremely strong economic fundamentals, with high per capita income and good growth in population and employment; + Strong financial flexibility, with a farebox recovery ratio of approximately 39%; and + Very strong liquidity levels, although unrestricted cash without access to external liquidity and lines of credit would be considered only adequate. These strengths are partly offset by the authority's: + Adequate market position due to declining ridership in recent years, with projected...

Summary