Credit
Mark Prado
SMART announced Monday that Standard and Poor’s Global Ratings (S&P) has issued an AA rating on its proposed refinancing of its construction debt through the issuance of Green bonds. S&P also affirmed its AA bond rating on its existing bonds following a review of SMART’s creditworthiness.
S&P Global Ratings assigned this new 'AA' long-term rating on SMART’s anticipated $123.4 million Measure Q sales tax revenue refunding bonds, which will be sold as green bonds due to their tie to the environmental benefits of SMART. An AA rating indicates that the issuer’s “capacity to meet its financial commitment on the obligation is very strong.”
Receiving a ratings review is one of the many steps the SMART has undertaken in the past few months to pursue a refinancing of its debt and take advantage of historically low rates.
MTC has provided financial support for SMART, which extended service to Larkspur and downtown Novato station in Marin County last year. SMART is also working on extending further north to Windsor in Sonoma County.
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