KBRA Releases Rating Report Affirming AAA Rating on Tri-County Metropolitan Transportation District of Oregon's (TriMet) Senior Lien Payroll Tax Revenue Bonds
19 Sep 2024 | New York
On September 18, 2024, KBRA affirmed the long-term rating of AAA with a Stable Outlook for TriMet's Senior Lien Payroll Tax Revenue Bonds (the Bonds).
KBRA’s rating affirmation recognizes TriMet's diverse and strong economic base, a highly reliable revenue source, with demonstrated resilience during economic downturns, high debt service coverage margins and an additional bonds test (“ABT”) that protects against overleveraging. Credit challenges are limited and center on unanticipated significantly higher debt issuance which would materially increase leverage and lower debt service coverage.
The Bonds are payable from and secured by a first lien on the trust estate, which includes payroll and self-employment taxes (pledged tax revenues) imposed by TriMet and collected by the Oregon Department of Revenue, and payments in-lieu of taxes received from the State of Oregon. The payroll taxes are imposed on workers employed within TriMet's tri-county district.
To access rating and relevant documents, click here.
Click here to view the report.