Summary: Massachusetts Bay Transportation Authority Massachusetts; State Revolving Funds/Pools Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services has affirmed its 'AAA' ratings on Massachusetts Bay Transportation Authority's (MBTA) assessment bonds, issued for itself and Massachusetts, based on the following credit characteristics: A dedicated revenue stream not subject to annual legislative appropriation, backed by nondiversion and nonimpairment language incorporated into the enabling act; A large pool of 175 member communities responsible for paying assessments to MBTA, including the city of Boston (GO bonds rated AA+/Stable); Overcollateralization through assessments and pledged reserves that is, in our view, sufficient for an 'AAA' municipal pool rating; A cross-collateralization mechanism through surplus sales tax revenues after payment of MBTA sales tax bonds debt service; and Direct withholding of assessments by the commonwealth along with the availability of...

Companies mentioned in this report are: Massachusetts,Massachusetts Bay Transp Auth
Action: Affirmed
Action: Outlook: Stable

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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.

Massachusetts,Massachusetts Bay Transp Auth

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