Summary: Washington Metropolitan Area Transit Authority, District of Columbia; Toll Roads Bridges

S&P Global Ratings assigned its 'AA-' long-term rating and underlying rating to Washington Metropolitan Area Transit Authority (WMATA), D.C.'s pro forma $236.9 million gross revenue transit bonds, series 2018. The outlook 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; Very strong financial flexibility, with a farebox recovery ratio of approximately 44%; and Very strong liquidity levels, although we consider unrestricted cash without access to external liquidity and lines of credit only adequate. These strengths are partially offset by the authority's: Adequate market position due to

...S&P Global Ratings assigned its '##-' long-term rating and underlying rating to Washington Metropolitan Area Transit Authority (WMATA), D.C.'s pro forma $236.9 million gross revenue transit bonds, series 2018. The outlook 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; + Very strong financial flexibility, with a farebox recovery ratio of approximately 44%; and + Very strong liquidity levels, although we consider unrestricted cash without access to external liquidity and lines of credit only adequate. These strengths are partially offset by the authority's: + Adequate market position due to declining ridership in recent years with projected further declines; + History of fluctuating debt service coverage (DSC; S&P Global Ratings-calculated); and +...

Summary