KBRA Releases Rating Report Assigning a Long-Term Rating of AAA with a Stable Outlook to Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Bonds Series 2020A, 2020B, and 2020C
NEW YORK–(BUSINESS WIRE)–On February 19, 2020, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AAA with a Stable Outlook to the Dallas Area Rapid Transit (DART) Senior Lien Sales Tax Revenue Improvement and Refunding Bonds Series 2020A, Senior Lien Sales Tax Revenue Refunding Bonds Series 2020B (Forward Delivery), and Senior Lien Sales Tax Revenue Refunding Bonds Taxable Series 2020C.
Concurrently, KBRA upgraded the long-term rating on DART’s outstanding Senior Lien Sales Tax Revenue Bonds to AAA from AA+ with a Stable Outlook.
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Issuer: Dallas Area Rapid Transit (DART) |
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Assigned |
Rating(s) |
Outlook |
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Senior Lien Sales Tax Revenue Improvement |
AAA |
Stable |
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Senior Lien Sales Tax Revenue Refunding |
AAA |
Stable |
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Senior Lien Sales Tax Revenue Refunding |
AAA |
Stable |
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Upgraded |
Rating |
Outlook |
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Senior Lien Sales Tax Revenue Bonds |
AAA (From AA+) |
Stable |
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The rating actions are based on KBRA’s U.S. Special Tax Revenue Bond Rating Methodology and an assessment of the following five rating determinants identified therein:
- Legal Framework
- Nature of Special Tax Revenues
- Economic Base and Demographics
- Revenue Analysis
- Coverage and Bond Structure
To access the report, click here.
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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
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Harvey Zachem, Managing Director
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Alice Cheng, Director
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William Cox, Senior Managing Director
(646) 731-2472
wcox@kbra.com
Karen Daly, Senior Managing Director
(646) 731-2437
kdaly@kbra.com
Business Development:
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(646) 731-2409
bbaneky@kbra.com
James Kissane, Senior Director
(213) 806-0026
jkissane@kbra.com