Fitch Ratings Upgrades Contra Costa Transportation Authority to AAA Status
WALNUT CREEK, CA – The Contra Costa Transportation Authority (CCTA) recently received a rating upgrade from Fitch Ratings, Inc., from AA+ to AAA, the highest possible ranking. This AAA rating once again places CCTA among the highest rated organizations in California.
The AAA rating was assigned to the Contra Costa Transportation Authority for its $110 million sales tax revenue bonds, issued in early June, in recognition of its sound financial management of the funds. As a result of this favorable rating, the bond issue, which will include a refinancing of earlier bonds issued between 2012-2018, will save CCTA and its taxpayers approximately $3.6 million. This savings will allow the agency to invest even more dollars directly into voter-approved transportation improvements.
“We continue to build upon a legacy of promises made and kept, delivering transportation investments that are improving quality of life for Contra Costa residents – and doing so in a financially responsible manner,” said CCTA Chair Teresa Gerringer.
Since 1988, CCTA has served as the steward responsible for taxpayer dollars, successfully delivering a wide range of major infrastructure projects and programs to the county. Through the 2004 voter-approved Measure J program, CCTA has leveraged local sales tax dollars to win state and federal funding that has allowed for the construction of a fourth bore for the Caldecott Tunnel, more than $360 million in local street and road investment, the development of a BART extension to East Contra Costa, establishment of ferry service from Richmond and funding miles of paved walking and bicycling trails throughout the county.
“CCTA’s upgrade to a AAA rating is a reflection of our hard work to be a prudent fiscal manager of taxpayer money,” states CCTA Executive Director Tim Haile. “The investment community has declared its confidence in our financial management, resilience, and track record of delivering projects and programs. We are very proud of this recognition.”
CCTA has long exemplified best practices in managing taxpayer dollars. The Contra Costa Taxpayers Association honored CCTA with a Silver Award for Good Government in July 2019. In addition, its 2020 Comprehensive Annual Financial Report garnered the agency’s eighth consecutive Certificate of Achievement of Excellence in Financial Reporting from the Government Finance Officers Association of the US and Canada. Furthermore, the agency voluntarily submits to annual independent audits – in addition to state and federal audits – to make its operations transparent to the public.
The Contra Costa Transportation Authority (CCTA) is a public agency formed by Contra Costa voters in 1988 to manage the county’s transportation sales tax program and oversee countywide transportation planning efforts. With a staff of twenty people managing a multi-billion-dollar suite of projects and programs, CCTA is responsible for planning, funding and delivering transportation infrastructure projects and programs throughout the County. CCTA also serves as the county’s designated Congestion Management Agency, responsible for putting programs in place to manage traffic levels. More information about CCTA is available at ccta.net.