Press Release|Public Finance
KBRA Affirms AAA Rating and Stable Outlook for Tri-County Metropolitan Transportation District of Oregon's Senior Lien Payroll Tax Revenue Bonds
17 Sep 2025 | New York
KBRA affirms the long-term rating of AAA with a Stable Outlook for the Tri-County Metropolitan Transportation District of Oregon's ("TriMet" or the "District") Senior Lien Payroll Tax Revenue ("PRT") Bonds.
KBRA’s rating affirmation reflects Tri-Met's diverse and strong economic base, its highly reliable payroll tax revenue source, with demonstrated resilience during economic downturns, high debt service coverage ("DSC") and additional bonds test that protects against overleveraging.
Key Credit Considerations
Credit Positives
- Pledged tax revenues provide ample annual DSC and coverage of the maximum annual debt service requirement.
- Sizable, diverse metropolitan area that serves as economic engine for the State.
- Highly resilient pledged revenue base with only three years of modest declines recorded since 1990.
Credit Challenges
- While not anticipated, significant additional PRT debt issuance that would sharply increase outstanding Senior Lien Payroll Tax Revenue Bonds outstanding and drive debt service coverage substantially lower.
Rating Sensitivities
For Upgrade
- Not applicable.
For Downgrade
- Significant economic decline or a successful voter referendum that results in a material reduction in pledged payroll tax revenues or associated PRT debt service coverage.
To access ratings and relevant documents, click here.