Fitch Ratings has upgraded the Regional Transportation Authority's long-term bond rating to AA with a negative outlook and reaffirmed its short-term bond rating at F1+ which is the highest rating Fitch Ratings awards. The rating placed the RTA among the most highly rated transit agencies in the country. A long-term rating in the double A category indicates the RTA's fixed-rate bonds are solid investment grade securities. The short-term rating assigned to the Agency's variable-rate bond is the highest possible placing RTA in the top tier of short-term issuers. This has been accomplished against a backdrop of serious state financial problems and an economy still recovering from a recession.
"The bond rating upgrade has the positive effect of strengthening our borrowing capability and helps with getting our bills paid more expediently," said Joe Costello, RTA executive director. "While the economic outlook remains bleak, this favorable news puts our transit system on more solid financial footing," he added.
Sales tax revenues have been affected by the economic downturn which has continued to adversely impact the available revenues that support our region's transit system.