Summary: Washington Metro Area Transit Authority, District Of Columbia; Transit

Standard & Poors, April 2011

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
Standard & Poor's Ratings Services affirmed its 'A' long-term and underlying rating (SPUR) on the Washington Metropolitan Area Transit Authority, D.C.'s (WMATA or the authority) outstanding gross revenue transit bonds. The outlook on all bonds is stable. In our view, the rating reflects the authority's: Essential nature to both the District of Columbia and surrounding area economies as a mass transit system; Stable ridership trends, with ridership increasing in fiscal years 2007 through 2009 before decreasing 4.4% in fiscal 2010; Strong demonstrated support from participating jurisdictions and the federal government through substantial subsidy revenues and federal grants; and Strong management track record of fiscally prudent operations and a high cost recovery ratio relative to other U.S. transit systems. Credit concerns...

Companies mentioned in this report are: Washington Metro Area Transit Auth
Action: Affirmed
Action: Outlook: Stable

Washington Metro Area Transit Auth

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