Washington Metropolitan Area Transit Authority, DC, Series 2018 Transit Bonds Rated 'AA-'

CHICAGO (S&P Global Ratings) Oct. 26, 2018--S&P Global Ratings assigned its 'AA-' long-term rating and underlying rating to Washington Metropolitan Area Transit Authority's (WMATA) pro forma $236.9 million gross revenue transit bonds, series 2018. The outlook is stable. The ratings reflect our view of WMATA's: Very low industry risk; Extremely strong economic fundamentals; Very strong financial flexibility; and Very strong liquidity levels. These strengths are partially offset by the authority's: Adequate market position; History of fluctuating debt service coverage (DSC; S&P Global Ratings-calculated); and Large capital plans. Bond proceeds will fund various capital costs across the system. "The stable outlook reflects our expectation that WMATA will set fares and manage expenses to maintain near 1x DSC over the next two

...CHICAGO (S&P Global Ratings) Oct. 26, 2018--S&P Global Ratings assigned its '##-' long-term rating and underlying rating to Washington Metropolitan Area Transit Authority's (WMATA) pro forma $236.9 million gross revenue transit bonds, series 2018. The outlook is stable. The ratings reflect our view of WMATA's: + Very low industry risk; + Extremely strong economic fundamentals; + Very strong financial flexibility; and + Very strong liquidity levels. These strengths are partially offset by the authority's: + Adequate market position; + History of fluctuating debt service coverage (DSC; S&P Global Ratings-calculated); and + Large capital plans. Bond proceeds will fund various capital costs across the system. "The stable outlook reflects our expectation that WMATA will set fares and manage expenses to maintain near 1x DSC over the next two years," said S&P Global Ratings credit analyst Kevin Archer....

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