Washington Metropolitan Area Transit Authority, DC's 2017B Revenue Bonds Assigned 'AA-' Rating

CHICAGO (S&P Global Ratings) July 24, 2017--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," said S&P Global Ratings credit analyst Kevin Archer. We believe other credit positive factors include the authority's: 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

...CHICAGO (S&P Global Ratings) July 24, 2017--S&P Global Ratings assigned its '##-' 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," said S&P Global Ratings credit analyst Kevin Archer. We believe other credit positive factors include the authority's: + 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,...

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