Key Takeaways
- We view the U.S. mass transit sector as stable, though a few operators with a historical reliance on fare revenue and ongoing operating deficits are facing credit pressures.
- Transit operators that have sought and received additional dedicated tax revenues, primarily from sales taxes, have been able to maintain or improve financial metrics despite ongoing lower ridership.
- S&P Global Ratings anticipates that most transit operators will continue to adapt by adjusting service levels, re-evaluating fixed costs (including capital investments), and collaborating with stakeholders to strengthen recurring revenue sources to reach structural balance.
13-Oct-2025 | 14:36 EDT