Fitch

The rating agency cited stong debt service coverage and modest leverage.

Fitch said the train line's ridership and revenue ramp-up continue to lag projections.

The negative outlook affects about $1.1 billion in combined GO and lease revenue debt, according to Fitch.

Public pension benefit improvements could put credit pressure on states that enact them, the rating agency said this week.

Fitch cited economic and demographic factors in explaining the downgrade.

Fitch also upgraded the city's Georgia Municipal Association certificates of participation (city of Atlanta public safety projects) to AA-plus from AA.

Agency cites growing debt levels and midrange demographic and economic factors.

Long-term liabilities have gone down and revenues have gone up, Fitch said.

Both ratings agencies cited the health system's improved liquidity in recent years.

"The upgrade is supported by strengthened debt service coverage ratios due to better than expected recovery from the pandemic," Fitch said.