Moody’s Investors Service said it has upgraded to A2 from A3 the rating assigned to the Sacramento Regional Transit District’s Series 2003B certificates of participation.

The outlook is stable. The COPs were issued through a lease agreement secured solely by a pledge of gross farebox revenues.

The upgrade reflects the gross farebox pledge, enhanced by a non-abatement clause; minimal debt levels; satisfactory financial operations; and the essentiality of the transit system.

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