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October 29, 2013

CTA objects to credit rating downgrade

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.

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