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.

Issuer: Dallas Area Rapid Transit (DART)

Assigned

Rating(s)

Outlook

 

Senior Lien Sales Tax Revenue Improvement

and Refunding Bonds Series 2020A

AAA

Stable

 

Senior Lien Sales Tax Revenue Refunding

Bonds Series 2020B (Forward Delivery)

AAA

Stable

 

Senior Lien Sales Tax Revenue Refunding

Bonds Taxable Series 2020C

AAA

Stable

 

Upgraded

Rating

Outlook

 

Senior Lien Sales Tax Revenue Bonds

AAA (From AA+)

Stable

 

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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About KBRA and KBRA Europe

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.

Contacts

Analytical:
Harvey Zachem, Managing Director
(646) 731-2385
hzachem@kbra.com

Alice Cheng, Director
(646) 731-2403
acheng@kbra.com

William Cox, Senior Managing Director
(646) 731-2472
wcox@kbra.com

Karen Daly, Senior Managing Director
(646) 731-2437
kdaly@kbra.com

Business Development:
Bill Baneky, Managing Director

(646) 731-2409

bbaneky@kbra.com

James Kissane, Senior Director

(213) 806-0026

jkissane@kbra.com

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