Transit agency’s economic fundamentals, market position expected to remain strong over two-year outlook period.
Standard and Poors Ratings Services last week upgraded its ratings for the Regional Transportation District (RTD) and gave the transit agency a stable outlook, reflecting its view that RTD’s financial condition is strong.
In a summary released, S&P Global Ratings noted that “the upgrade reflects our view of the region’s strong economic growth, RTD’s good ridership metrics, improved debt service coverage and RTD’s reduced future capital needs.”
“We are pleased with this upgrade, as it has the effect of lowering capital borrowing costs in the future and reflects the strong financial footing that RTD is continually striving to achieve and maintain,” said Heather McKillop, RTD’s chief financial officer.
Ratings on RTD’s certificates of participation were raised from A to AA-; the issuer credit rating rose from A to AA-; and the stand-alone credit profile was revised from a to aa-.
The participation certificate ratings reflect what the financial services company views as RTD’s general creditworthiness and pledged lease revenue from leases that are subject to annual renewal. The ratings further reflect its view of RTD’s:
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