Pushing principal and interest costs out to future years has weakened the Massachusetts Bay Transportation Authority’s balance sheet, with an independent report released yesterday estimating the mass transit agency faces a cumulative structural deficit of $1.19 billion by fiscal 2014.

The MBTA’s debt service is projected to reach $525 million by fiscal 2014, compared to $342 million of principal and interest costs it paid in fiscal 2009, according to the report. The jump in debt service is due in large part to earlier restructurings that gave immediate relief to the agency at the time. From fiscal 2007 through fiscal 2009, the MBTA restructured $238 million of debt.

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