KBRA Rates the Commonwealth of Massachusetts’ Commonwealth Transportation Fund Revenue Bonds AAA with a Stable Outlook

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AAA with a Stable Outlook to the Commonwealth of Massachusetts’ Commonwealth Transportation Fund Revenue Bonds (Rail Enhancement & Accelerated Bridge Programs), 2018 Series A. The long-term AAA rating and Stable Outlook also applies to all of Massachusetts’ $2.59 billion outstanding Commonwealth Transportation Fund Revenue Bonds, except for bonds backed by a letter of credit or liquidity facility.

     
Ratings    
Issuer: Commonwealth of Massachusetts                
Series/Bond   Rating   Outlook   Action  

Amount
Outstanding
(000)

Commonwealth Transportation Fund Revenue Bonds   AAA   Stable   Assigned   $225,000
(Rail Enhancement & Accelerated Bridge Programs), 2018 Series A        
Commonwealth Transportation Fund Revenue Bonds   AAA   Stable   Assigned   $2,586,660*

KBRA’s Long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted

* Amount outstanding as of 6/15/2018

The above rating actions are based upon KBRA’s U.S. Special Tax Revenue Bond Rating Methodology and the following five key rating determinants.

  • Legal Framework
  • Nature of Special Tax Revenues
  • Economic Base and Demographics
  • Revenue Analysis
  • Coverage and Bond Structure

To access the report, click here.

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical:
Kroll Bond Rating Agency
William Cox, 646-731-2472
Managing Director
wcox@kbra.com
or
Alice Cheng, 646-731-2403
Associate Director
acheng@kbra.com
or
Andrew Clarke, 646-731-2380
Managing Director
aclarke@kbra.com
or
Karen Daly, 646-731-2347
Senior Managing Director
kdaly@kbra.com

Contacts

Analytical:
Kroll Bond Rating Agency
William Cox, 646-731-2472
Managing Director
wcox@kbra.com
or
Alice Cheng, 646-731-2403
Associate Director
acheng@kbra.com
or
Andrew Clarke, 646-731-2380
Managing Director
aclarke@kbra.com
or
Karen Daly, 646-731-2347
Senior Managing Director
kdaly@kbra.com