DALLAS — This week’s Texas municipal market features a nearly $740 million sale by Dallas Area Rapid Transit, three counties issuing debt in multiple tranches, and a few school districts all set to price bonds.
DART plans to offer $739.5 million of senior-lien sales tax revenue bonds Thursday through a negotiated sale led by Merrill Lynch & Co. The debt comes to market on the heels of an upgrade to AAA from Standard & Poor’s. Fitch Ratings downgraded its underlying rating on the regional transportation authority to AA-minus at the same time. Moody’s Investors Service maintained its Aa3 rating on the credit.