Summary: Washington Metropolitan Area Transit Authority; Transit

S&P Global Ratings has affirmed its 'AA-' long-term rating and on Washington Metropolitan Area Transit Authority (WMATA), D.C.'s gross revenue transit bonds outstanding. S&P Global Ratings 'AA-' issuer credit rating (ICR) on WMATA and the 'aa-' stand-alone credit profile (SACP) on the authority are unchanged. 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

...S&P Global Ratings has affirmed its '##-' long-term rating and on Washington Metropolitan Area Transit Authority (WMATA), D.C.'s gross revenue transit bonds outstanding. S&P Global Ratings '##-' issuer credit rating (ICR) on WMATA and the '##-' stand-alone credit profile (SACP) on the authority are unchanged. 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...

Summary