Bus

CTA objects to credit rating downgrade

Posted on October 29, 2013

CHICAGO — The Chicago Transit Authority (CTA) said that the Moody’s Investors Service downgrade of its credit rating was not justified because its revenue is growing, Reuters reported.

Moody's cut the Aa3 rating on $2.9 billion of the agency's sales tax revenue bonds one notch to A1 with a negative outlook. The ratings agency cited diminished political will to raise revenue amid growing capital needs and decreased state and federal support.

The transit agency countered that it is determined to operate within its means and has no plans to seek additional funding. It also noted sales tax, fare and other revenue is increasing.

The CTA also opposed a plan proposed by the Regional Transportation Authority to take away its authority to issue bonds. For the full story, click here.

View comments or post a comment on this story. (0 Comments)

More News

New Flyer, King County Metro celebrate 10,000th Xcelsior bus

The artic is propelled by low-emission, hybrid technologies that reduce air pollution and help evolve KCM’s transit bus fleet with lower emission solutions.

Electric bus sales to surge even faster than EVs, new study says

Sales of electric cars racing to 28%, and those of electric buses to 84%, of their respective global markets by 2030.

Alexander Dennis wins award for excellence in international trade

Recipients were nominated and selected by the Department for International Trade, with the awards presented at a gala in Stirling, Scotland by Dr. Liam Fox, Secretary of State for International Trade and President of the Board of Trade.

San Francisco commits to all-electric bus fleet by 2035

Muni is developing “Green Zones” to test current hybrid vehicles and their ability to run only on battery power.

U. of Colo. to host New Flyer battery-electric bus demo

The event will occur on Friday, May 18 from 1 p.m. to 3 p.m. at the university’s Sustainability, Energy, and Environment Complex.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close