Exemplary AAA bond rating confirms economic strength and excellent stewardship of taxpayer dollars.
Fitch Ratings has affirmed the ‘AAA’ rating of the Alameda County Transportation Commission’s Series 2014 sales tax revenue bonds (limited tax bonds).
“This continued exemplary rating of Alameda CTC’s bonds is the result of the agency’s strong financial management and stewardship of taxpayer dollars, as well as the strength and diversity of our local economy,” says Alameda CTC Chair Rebecca Kaplan, Oakland City Councilmember At-Large.
The AAA rating was affirmed for Alameda CTC sales tax revenue bonds (limited tax bonds) of approximately $137.1 million, which were sold in March 2014 to fund voter-approved transportation projects. The bonds have a scheduled final maturity date of March 1, 2022. The bonds have enabled Alameda CTC to deliver critical voter-approved transportation infrastructure improvement projects as efficiently as possible, reducing project costs while creating local jobs. The ‘AAA’ rating has reduced the cost of interest over the life of the bonds.
Fitch states that the ‘AAA’ rating reflects a multitude of factors including the bonds structure’s strong resilience through economic cycles and robust coverage on the sales tax revenue bonds.