- Language: English
- Published: August 2012
- Region: Illinois
Summary: Chicago Transit Authority, Illinois; Federal or state grant programs May 11
- ID: 1770977
- May 2011
- Region: Illinois
- Standard & Poors
Standard & Poor's Ratings Services affirmed its 'A' long-term and underlying rating (SPUR) on the Chicago Transit Authority's (CTA or authority) capital grant receipts revenue bonds secured by Federal Transit Administration (FTA) section 5307 urbanized area formula funds and section 5309 fixed guideway modernization formula funds. The outlook on all bonds is stable. The ratings reflect our view of the authority's: Essential nature, CTA is the Chicago region's largest mass transit system and the nation's second-largest mass transit system; Historical precedent and predictability in the funding formula used since 1981 to distribute the FTA Section 5307 and 5309 grants that secure the bonds; Good 2.31x maximum annual debt service (MADS) coverage for the section 5307-backed bonds and 3.11x MADS coverage...
Companies mentioned in this report are: Chicago Transit Auth
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
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.
SHOW LESS READ MORE >
Chicago Transit Auth