The ‘AA–’ consolidated fund revenue bond rating reflects Fitch Ratings’ expectation that pledged revenue will grow in line with inflation and that maximum annual debt service (MADS) coverage will remain resilient to pledged revenue declines. Net working capital has been maintained above 50% of spending since at least fiscal 2020 and was equal to 95% of spending in fiscal 2024.
Tue 12 Aug, 2025 – 2:10 PM ET