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Summary: Massachusetts Bay Transp Auth; Tax Secured, Sales Tax Feb 04

  • ID: 1831486
  • February 2004
  • Region: Massachusetts
  • Standard & Poors
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Standard & Poor's Ratings Services assigned its 'AAA' rating to Massachusetts Bay Transportation Authority's (MBTA) $511.98 million senior sales tax refunding bonds 2004 series B, reflecting: A dedicated revenue stream, which cannot be reduced, backed by nondiversion and nonimpairment language; Dedicated revenues that are not subject to annual legislative appropriation; A steady trend of pledged revenue growth that includes a 1% broad-based statewide sales tax with a commonwealth-guaranteed base revenue amount that set a floor of $645 million, with an annual inflation adjustment, which began in July 2000; The underlying economic strength and diversity of the economy of Massachusetts ('AA-' GO rating, stable outlook), which, along with the rest of the nation, is in the midst of a recovery from...

Companies mentioned in this report are:
- Massachusetts Bay Transp Auth

Action: New Rating

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- Massachusetts Bay Transp Auth

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