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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