Commonwealth of Massachusetts – Dedicated Transportation Revenue (DTR) Rating Report
Rating Summary
The long-term rating for the Dedicated Transportation Revenue Bonds (DTR Bonds) reflects the broad and diversified nature of the pledged revenues; conservative additional bonds tests; and strong legal provisions that insulate the pledged revenues from the Commonwealth of Massachusetts’ (the Commonwealth’s) operations. The breadth of the tax base and the Commonwealth’s strong underlying socioeconomic metrics further inform the rating. Credit risks are minimal.
The currently offered DTR Bonds are the first series to be issued under a new trust agreement that leverages a statutory allocation from the Commonwealth’s income surtax on high earners, in addition to certain residual transportation-related receipts that are available after satisfying the obligations of the longstanding Commonwealth Transportation Fund Revenue Bond (CTF Bond) program. KBRA’s rating for the Commonwealth’s $4.3 billion in currently outstanding CTF Bonds can be found
Rating Sensitivities
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