KBRA Releases Surveillance Report on Dallas Area Rapid Transit, TX

On October 9, 2026, KBRA affirmed the long-term AAA rating for the Dallas Area Rapid Transit, Texas' Senior Lien Sales Tax Revenue Bonds. The Outlook is Stable.

DART is a sub-regional transportation authority established in 1983 that provides bus, light rail, commuter rail, paratransit, vanpool, and other services to the City of Dallas and 11 other municipalities within the Dallas MSA. The senior lien sale tax bonds are secured by a gross lien pledge of a 1% voter-authorized sales and use tax levied since 1984. The Texas Comptroller acts as the collection agent for the tax and remits proceeds monthly to the Trustee for debt service prior to deposit with DART to support operations. The additional bonds test (ABT) is conservative, requiring either pro-forma 2.0x coverage of annual debt service, or 2.0x historical coverage of MADS.

To access ratings and relevant documents, click here.

Click here to view the report.