KBRA Releases Surveillance Report for MTA of Harris County, TX Sales and Use Tax Refunding Bonds
22 Sep 2023 | New York
On September 21, 2023, KBRA affirmed the long-term rating of AAA with a Stable Outlook for the Metropolitan Transit Authority of Harris County, TX’s (“the Authority” or “METRO”) Sales and Use Tax Bonds. The Outlook is Stable. The affirmation reflects METRO’s broad and extensive sales tax base, from which sales tax revenues are now growing sharply, following a relatively light impact from the COVID-19 pandemic. The rating also incorporates the ample debt service coverage afforded by dedicated revenues on the outstanding Sales and Use Tax Bonds (the “Bonds”), which KBRA expects will likely continue even following the anticipated issuance of parity debt obligations.
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