Bi-State Development Maintains AA+ Rating from S&P Global Ratings
Bi-State Development is pleased to announce that it has maintained a AA+ bond rating, the second highest rating available from S&P Global Ratings, on bonds supporting the MetroLink light rail system. S&P Global Ratings affirmed this rating, with a stable outlook, on the organization’s Series 2013 Combined Lien Mass Transit Sales Tax Revenue Appropriation Refunding Bonds and the 2009 Senior Lien Mass Transit Sales Tax Appropriation Bonds.
This AA+ rating is based on an evaluation of Bi-State Development and its funding partners, and looks at creditworthiness and the strength and stability of pledged revenue. S&P Global Ratings concluded that the economic fundamentals of the broad and diverse economy of the St. Louis metropolitan region were very strong, and corresponding sales tax revenue were stable and reflected low volatility.
“S&P Global Ratings conducted an extensive review of Bi-State Development and the St. Louis region, researching all facets of our financial strategies and overall economic outlook,” said Taulby Roach, President and Chief Executive Officer of Bi-State Development. “Maintaining this strong bond rating shows that we are on the right track, highlighting the strength of the metropolitan St. Louis economy and Bi-State Development’s stewardship of these resources.”
Bi-State Development was established in 1949 through an interstate compact between Missouri and Illinois. The organization has the ability to issue bonds and cross local and state boundaries to plan, construct, maintain, own and operate infrastructure, facilities and services that support the economy and improve the quality of life in the bi-state area. Bi-State Development serves the region through various operations:
- Metro Transit, the St. Louis region’s public transit system
- Gateway Arch Riverfront, including the Gateway Arch tram system, riverboats and riverfront attractions
- St. Louis Downtown Airport, the third busiest general aviation airport in Illinois
- St. Louis Regional Freightway, the freight district encompassing eight counties in Missouri and Illinois
About Bi-State Development
Bi-State Development is the operator of the Metro Transit public transportation system for the St. Louis region, which includes the 87 vehicle, 46-mile MetroLink light rail system; a MetroBus vehicle fleet of approximately 400 vehicles operating on 83 MetroBus routes; and Metro Call-A-Ride, a paratransit fleet of 120 vans. Bi-State Development owns and operates St. Louis Downtown Airport, and operates the St. Louis Regional Freightway (the region’s freight district), the Gateway Arch Riverboats, the Gateway Arch Revenue Collections Center and Gateway Arch trams.