Metropolitan Atlanta Rapid Transit Authority, GA – Sales Tax Rating Report
Rating Summary
The long-term rating continues to reflect the priority of payment of debt service on Metropolitan Atlanta Rapid Transit Authority (MARTA or the “Authority”) Sales Tax Revenue Bonds from pledged gross receipts, the historic strength and resilience of the underlying pledged revenue base and, the conservative additional bonds test requiring prior year receipts equivalent to at least 2.0x MADS. Coverage of pro-forma maximum annual debt service (MADS) from estimated FY 2026 pledged receipts was a strong 4.59x.
Proceeds of the currently offered Sales Tax Revenue Bonds (the “Bonds”) will be used to finance various capital projects to enhance safety, maintain a state of good repair and to pay the costs of issuance. The Series 2026C Bonds will be structured as fixed rate obligations with maturities ranging from 2037 to 2051. The Series 2026D Bonds will feature a six-year soft put. In the unlikely event the Authority is unable to effectuate a refinancing on economically…
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