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VIA Metropolitan Transit Authority, TX Debt Rating Lowered To 'AA' From 'AAA'

DALLAS (S&P Global Ratings) Feb. 1, 2019--S&P Global Ratings lowered its 
long-term rating to 'AA' from 'AAA' on VIA Metropolitan Transit Authority 
(MTA), Texas' series 2017 sales tax contractual obligations. The outlook is 
stable. 

The rating action reflects the application of S&P Global Ratings' priority-lien
tax revenue debt criteria, published Oct. 22, 2018 on RatingsDirect, which 
factors in both the strength and stability of the pledged revenue as well as 
the general credit quality of VIA (the obligor's creditworthiness.

"Key credit considerations include the broad and diverse metropolitan 
statistical area tax base, very strong maximum annual debt service coverage, 
and our view that nationwide sales tax revenue activity has historically 
demonstrated low volatility, with no history of significant volatility at the 
local level," said S&P Global Ratings credit analyst Karolina Norris.

The stable outlook reflects our expectation that pledged revenue will remain 
fairly consistent throughout economic cycles and that the service area's broad 
and diverse tax base will continue to provide very strong debt service 
coverage.

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