S&P rates Harris County, Texas, transit agency CP A-1+

Standard & Poor's said it assigned an A-1+ rating to Harris County Metropolitan Transit Authority, Texas' series A commercial paper notes.

The series A program was authorized in 2005, with a maximum maturity of Oct. 1, 2010. The authority is authorized to issue up to $400 million of commercial paper notes. But revolving credit agreements cover up to $300 million of notes, and the authority has covenanted to maintain a credit facility at all times, and thus the authority will not have more than $300 million of notes outstanding at any one time. The credit agreements are provided by JP Morgan Chase Bank (AA/A-1+, 42%), Depfa Bank (A+/A-1, 33%), and Compass Bank (A+/A-1, 25%).

Management anticipates using commercial paper proceeds for system expansion.

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