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Release Date: Oct. 19, 2023
Media Hot Line: 713.739.4040

METRO Scores Top Financial Grades From Major Ratings Agencies

METRO has once again received top ratings for its creditworthiness from two major credit rating agencies.

“METRO has always been fiscally sound, and we will continue to be good stewards as we work to improve travel throughout the region,” said METRO President & CEO Tom Lambert. “I want to compliment the METRO Board and Finance Chair Terry Morales for her leadership and guidance.”

"In short, the market has taken notice of our financial decisions,” added METRO Chief Financial Officer George Fotinos. "The positive credit rating news keeps METRO on par with or ahead of its Texas peers."

Moody's Investor's Service upgraded its rating on the Authority's sales and use tax bonds from "Aa2" to "Aa1". The upgrade reflects improvements in the economic base and pledged revenue that will continue to support strong debt service coverage, even considering additional borrowing plans. The evaluation also takes into account METRO's prudent financial, debt, and capital program oversight.  METRO sales tax collections are relatively stable and continue to provide extraordinary debt service coverage increasing from five to seven times maximum annual debt service.

The Kroll Bond Rating Agency (KBRA) affirmed its long-term, outstanding “AAA” rating with a Stable Outlook to METRO’s sales and use tax refunding bonds. KBRA stated its rating reflects an extensive and sharply growing sales tax base following a relatively light impact from the COVID-19 pandemic.

The Metropolitan Transit Authority of Harris County (METRO) is the region’s largest public transit provider, offering safe, clean, reliable, accessible and friendly transportation services. METRO’s transit network includes local bus, METRORail, which includes the Red Line (Main Street and Northline), the Green Line (East End) and the Purple Line (Southeast), Park & Ride commuter buses, METROLift paratransit service, HOV/HOT Express Lanes, curb2curb microtransit service and METRO Star Vanpool. In 2020, the Authority introduced the METRORapid Silver Line, the region’s first bus rapid transit service. Bike & Ride programs and road improvement projects are also part of METRO’s commitment to the Houston region. Focused on investing in the region’s future mobility needs, the Authority developed the METRONext Moving Forward Plan. METRO is also the first transit provider in the region to pilot autonomous vehicle shuttle technology. Learn more about METRO services at RideMETRO.org, where you will also find useful tools like the RideMETRO app where you can plan your trip and even pay your fare from your phone.