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

Alexander Dennis lands double-deck bus order

The 13 buses will have capacity for 120 passengers, 79 of them seated, and will enter service from July 2019 to replace and enlarge tl’s double-deck fleet.

Nova Bus lands largest North American bus order

The five-year contract, covering the period from 2020 to 2024, calls for the delivery of 497 40-foot hybrid buses LFS HEV and up to 1,028 vehicles on option.

BusCon 2018 set to return to Indianapolis in October

Registration is open now for this year's show, which will include a look at electric buses and autonomous vehicles, as well as training courses from NTI and EnerDel.

Creative Bus Sales orders 100 GreenPower buses

The order includes the 15 buses for inventory and demonstration that are on order with GreenPower.

First Transit names new VP, west region operations

Fadi Chakbazof will be responsible for all operations in the west region, reporting directly to Beverly Edwards, COO.

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