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Summary: Chicago Transit Authority, Illinois; Federal or state grant programs May 11

  • ID: 1770977
  • May 2011
  • Region: Illinois
  • Standard & Poors

Abstract
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: Affirmed
Action: Outlook: Stable

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- Chicago Transit Auth

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