News Story

S&P Global Ratings upgrades RTD’s FasTracks bond rating to highest possible of AAA

S&P Global Ratings (previously Standard & Poor’s) has upgraded its RTD FasTracks bonds to AAA from AA+ and gave the bonds a stable outlook, reflecting its view that RTD’s financial condition is strong. The AAA credit-worthiness rank is the highest rating issued by the S&P Global Ratings, and it means RTD has an extremely strong capacity to meet all financial commitments.

In July, the RTD Board of Directors approved staff to refund and refinance FasTracks debt, which strengthens the agency’s standing as supported in a statement made in a news release by S&P Global Ratings on Aug. 10.

S&P Global Ratings recognized the fiscal decisions the RTD Board and staff have made to stabilize RTD’s financial position as it moved out of the pandemic.

“The AAA rating highlights both the strong financial position and prudent financial management of the agency’s resources,” said RTD Chief Financial Officer Doug MacLeod. “The rating change on the FasTracks bonds also increases the probability that RTD will be able to reduce borrowing costs with any future FasTracks bond refinancing activity.”

RTD is scheduled to close on the refinanced FasTracks bonds in September. The Invitation to Tender Bonds and Preliminary Official Statement for the expected refunding can be found here:  https://emma.msrb.org/P11732686.pdf.