Tri-County Metropolitan Transportation District of Oregon, OR – Payroll Tax Rating Report

Rating Summary

The long-term rating continues to reflect Tri-County Metropolitan Transportation District of Oregon (“Tri-Met’s” or the “District’s”) diverse and growing economic and payroll tax base, the highly reliable pledged revenue source, with demonstrated resilience during economic downturns, very strong debt service coverage and an additional bonds test (“ABT”) that protects against overleveraging.

Proceeds of the District’s Senior Lien Payroll Tax Revenue and Refunding Bonds, Series 2026A (the “2026 Bonds”) will be used to finance various transit projects and transit-supportive system costs, current refund and tender certain outstanding bonds for economic savings, and pay costs of issuance.

Senior Lien Payroll Tax Revenue Bonds (Payroll Tax Bonds), including the 2026 Bonds, are payable from and secured by a first lien on the trust estate, which includes payroll and self-employment taxes, imposed by TriMet and collected by the Oregon Department of Revenue, and payments in-lieu of…