...One or more of the ratings referenced within this article was assigned by deviating from S&P Global Ratings' published Criteria. The exception relates to the application of "Mass Transit Enterprise Ratings: Methodology And Assumptions" (Mass Transit Criteria), published Dec. 18, 2013. Tables 4 and 5 and paragraph 65 in the Mass Transit Criteria call for the use of historical data in assigning initial scores for economic fundamentals, market position, debt service coverage (DSC), liquidity, financial flexibility, and debt burden factors. The initial scores for economic fundamentals and market position are based on data from the past five years and the initial scores for DSC, liquidity, financial flexibility, and debt burden factors are based on data from the most recently completed fiscal year (sometimes referred to as the "base year"). Under the Mass Transit Criteria, we can make various positive and negative adjustments to the initial scores, but these can only change those initial scores...
