COTA’S Financial Performance and Management Earns Prestigious AAA Bond Rating by Standard and Poor’s
Standard and Poor’s (S&P) Global Ratings has awarded the Central Ohio Transit Authority (COTA) with its first-ever AAA bond rating due to the organization’s robust financial performance and sound management. The top rating from one of the three major rating agencies puts COTA in a strong position to finance capital investments, allowing the authority to benefit from the lowest interest rates the market has to offer. In addition to COTA’s own practices, S&P cited the growth and resiliency of the Central Ohio region.
“I am incredibly proud of COTA’s leadership team for working so diligently toward earning this AAA bond rating,” said President/CEO Joanna M. Pinkerton. “Our employees, customers and our community will benefit from this distinction as we make important investments to meet the needs of our growing region with expanded mobility options and transit-supportive infrastructure. We thank our Board of Trustees for its support in this effort that will help make impactful improvements to our facilities and system.”
In May, the COTA Board of Trustees authorized the issuance and sale of $30 million in general obligation bonds for the McKinley facility project, the upcoming mobility center at Rickenbacker, and other capital projects. In early September, COTA presented its full financial picture, including its current state, future plans and historical perspective. S&P reported to COTA that it observed exceptionally rigorous management of the organization’s resources.
“The AAA rating is a testament to Team COTA’s commitment to fiscal responsibility,” said Julie Colley, chair of the Board of Trustees Performance and Monitoring/Audit Committee. “As COTA leads the way toward enhanced community connectivity and mobility, it is important for residents to know this organization is financially strong and poised to make the significant transit investments our region needs and deserves.”