Standard & Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to Massachusetts' series 2012A commonwealth transportation fund's (CTF) revenue bonds (accelerated bridge program). At the same time, Standard & Poor's affirmed its 'AAA' rating, with a stable outlook, on the commonwealth's gas tax bonds (senior lien and subordinated lien) outstanding. The CTF bonds are secured by pledged revenues that include gasoline taxes and motor vehicle registration fees levied statewide. The gas tax bonds are secured by a first lien on 6.86 cents of the state levied gas tax. We base the ratings on what we view as the following credit strengths: A strong and diversified revenue mix that is levied statewide (population of 6.5 million) and has...
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Action: New Rating
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