Moody's Investors Service assigned a negative outlook last week to the Greater Cleveland Regional Transit Authority's outstanding limited-tax general obligation debt, saying it faces a number of economic and fiscal challenges, including depleted reserves and a steep decline in its main revenue source.
The rating remains at Aa3. The GCRTA has roughly $163 million of outstanding GOs. The negative outlook reflects budgetary and liquidity pressures. The tax base in Cleveland and Cuyahoga County, the authority's main operating areas, has stagnated due to a weak economy.