The Alameda County Transportation Commission's (Alameda CTC) “AAA” rating of its Series 2014 sales tax revenue bonds (limited tax bonds) has been reaffirmed by S&P Global Ratings, a leading provider of credit ratings. The bonds of approximately $137.1 million were sold in March 2014 and are secured by Measure B, Alameda County’s half-cent transportation sales tax measure, and have a scheduled final maturity date of March 1, 2022. The issuance of these bonds has enabled Alameda CTC to deliver critical voter-approved transportation infrastructure improvement projects efficiently, reducing project costs while creating local jobs and fulfilling promises to voters.
As of the end of the 2018 fiscal year, Alameda CTC had approximately $95 million in Series 2014 bonds outstanding – its only outstanding debt. A primary factor in the rating criteria is that the bonds are secured by a closed lien and Alameda CTC will not issue any additional debt secured by the Measure B sales tax measure.
The strength of Alameda CTC’s credit profile benefits from the county’s proximity to the thriving San Francisco Bay Area regional economy. With a strong foundation of technology and financial services, the local economy holds not only regional, but national and international importance, and Alameda County continues to grow at rates that outpace the state and the nation.