Press Release|Public Finance

KBRA Affirms AAA Rating and Stable Outlook to TriMet's (OR) Senior Lien Payroll Tax Revenue Bonds

26 Sep 2023   |   New York


KBRA affirms the long-term rating of AAA with a Stable Outlook assigned to the Tri-County Metropolitan Transportation District of Oregon's (TriMet) Senior Lien Payroll Tax Revenue Bonds.

A surveillance report will follow.

Key Credit Considerations

The rating was affirmed because of the following key credit considerations:

Credit Positives

  • Pledged tax revenues provide ample annual DSC and coverage of the MADS requirement.
  • Sizeable, diverse metropolitan area that serves as an economic engine for the state.
  • Highly resilient pledged revenue base with only three years of modest decline recorded since 1990.

Credit Challenges

  • Potential for significant additional debt issuance that would sharply increase outstanding Senior Lien Payroll Tax Revenue Bonds indebtedness.

Rating Sensitivities

For Upgrade

  • Not applicable.

For Downgrade

  • Significant economic decline or restructuring within TriMet boundaries that results in sharp reduction in pledged payroll taxes and debt service coverage.
  • Adoption of voter initiative that results in a material reduction in employer tax and self-employment tax rates.

To access rating and relevant documents, click here.


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