S&P Global Ratings assigned its 'AA-' long-term rating and underlying rating (SPUR) to Washington Metropolitan Area Transit Authority (WMATA), D.C.'s $496.5 million gross revenue transit bonds series 2017B. 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 48%; 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 partially offset by the authority's: Adequate market position, due to
