S&P Global Ratings assigned its 'AA' rating to the Washington Metropolitan Area Transit Authority's (WMATA) series 2024A second-lien dedicated revenue bonds. S&P Global Ratings also affirmed its 'AA' rating on parity WMATA dedicated revenue bonds. The outlook is stable. The rating reflects our view of the weakest credit quality of the three dedicated revenue funding commitments on a joint and several basis as per our multiple revenue stream analysis because each revenue stream is necessary to pay debt service on the bonds. We analyzed each commitment under our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Nov. 20, 2019, on RatingsDirect), which incorporate the general credit quality, or general obligation (GO) rating, of the three jurisdictions
