S&P Global Ratings affirmed its long-term 'AA-' rating on the Washington Metropolitan Area Transit Authority's (WMATA or the authority) gross revenue bonds outstanding (the action does not affect the rating on WMATA's dedicated revenue bonds, which are rated under different criteria). 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. Our criteria approach, financial metrics, and analysis of WMATA's operational risks focus on the enterprise's net revenues while incorporating the benefit and stability provided by
