WMATA Sub Series 2003 Raised to A1 by Moody’s

NEW YORK - Moody's Investors Service said it has assigned an A1 underlying bond rating to the Washington Metropolitan Area Transit Authority (WMATA)'s $325 million of gross revenue transit bonds, which are expected to include the $270 million Series 2009A and the $55 million federally taxable-issuer subsidy-Build America Bonds Series 2009B.

Concurrently, Moody's has upgraded the rating to A1 from A2 on the subordinate Series 2003 transit and transit refunding bonds, and affirmed the A1 rating on $22.2 million of outstanding senior lien 1993 gross revenue transit bonds.

The upgrade reflects the strong historical financial performance of this critical transportation system in and around Washington, D.C., the credit quality of the state and local governments who contribute operating subsidies to WMATA, and the subject-to-appropriation nature of those jurisdictions' contributions.

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