Infrastructure and Project Finance
Moody's Ratings
Social MDTA’s S-3 issuer profile score reflects negative exposure from demographic and societal trends. Local demographic and societal trends in the region have had a moderately negative impact on traffic whereby more professionals are working from home after the pandemic and population growth is lower than average. Governance MDTA's G-1 issuer profile score reflects positive exposure from financial strategy and risk management. MDTA benefits from its track record of strong financial performance, its financial policies and history of conservative budgeting coupled with track record of exceeding its forecasts. The authority's board is a group of eight citizens who are appointed by the governor (and confirmed by the senate) and the secretary of transportation serves as chairman. Members serve four-year terms and may not serve more than three consecutive terms. The authority cannot take action without the concurrence of the chairman, the secretary of the state department of transportation, MDOT. ESG Issuer Profile Scores and Credit Impact Scores for the rated entity/transaction are available on Moodys.com. In order to view the latest scores, please click here to go to the landing page for the entity/transaction on MDC and view the ESG Scores section. Rating methodology and scorecard factors The actual rating of Aa2 reflects the scorecard indicated outcome of Aa2. The scorecard is a reference tool that can be used to approximate credit profiles for Publicly Managed Toll Roads in most cases. Please see the Publicly Managed Toll Roads and Parking Facilities Methodology published in May 2023 for more information about the limitations inherent to grid.
Exhibit 7 Publicly Managed Toll Roads and Parking Facilities Rating Methodology Maryland Transportation Authority
Factor
Subfactor
Score
Metric
1. Market Position
a) Asset Type
Aa
b) Competitive Position and Environment
Aaa
c) Economic Strength and Diversity of Service Area
Aaa
2. Performance Trends
a) Annual Revenue
Aaa
$854.6
b) Operating Track Record and Revenue Stability
Aa
c) Ability and Willingness to Increase Toll Rates
A
3. Financial Metrics
a) Debt Service Coverage Ratio
Aaa
3.42x
b) (Debt + ANPL) to Operating Revenue
Aa
3.12x
Notching Considerations
Notch
1 - Debt Service Reserve Fund level
0.0
2 - Open/Closed Flow of Funds
-0.5
3 - Days Cash on Hand
1.0
743
4 - Asset Ownership and Financing Structure
0.0
5 - Leverage Outlook
-0.5
Scorecard Indicated Outcome:
Aa2
Source: Moody's Ratings
8
22 May 2025
Maryland Trans. Auth. - Trans. Facilities: Update to credit analysis
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