MEMORANDUM
TO:
Finance and Administration Committee Director of Treasury and Debt Kevin Cullity Deputy Director Finance Allen Garman
FROM:
SUBJECT:
Credit Ratings Update
DATE:
January 15, 2026
PURPOSE OF MEMORANDUM In accordance with the Board Operating Policy requirement, management will provide an update on the status of the MDTA’s double-A credit ratings. SUMMARY In spring 2025, both Moody’s and S&P affirmed the MDTA’s ratings at Aa2 and AA-, respectively, and assigned Negative outlooks. Subsequently, on December 11, 2025, Moody’s again affirmed the rating and maintained the Negative outlook. On September 23, 2025, Fitch affirmed MDTA’s AA rating and maintained a Stable outlook. KEY POINTS Negative Outlook Basis Moody’s Negative outlook reflects that delays in receiving federal reimbursements or delays in implementing the toll rate increases as needed could result in a weakening of MDTA's financial position. Rating Affirmation Basis The affirmation of the bonds rating reflects Moody’s view that the MDTA has demonstrated a plan to maintain financial metrics consistent with Aa2 rated peers, despite the sizeable increase in the projected costs of the bridge replacement.
2310 Broening Highway • Baltimore, MD 21224 • mdta@mdta.maryland.gov • 410.537.1000 • 711 (MD Relay) • mdta.maryland.gov • DriveEzMD.com
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