CONTACT: Stephen Chun, SFCTA; 415-306-4509, 

The San Francisco County Transportation Authority has maintained the highest possible rating of AAA by Fitch Ratings for $179.6 million in outstanding senior sales tax revenue bonds. This is the fourth year Fitch affirmed a AAA rating on the agency’s debt, placing the Transportation Authority among the highest rated organizations in California. 

The Transportation Authority repays the bonds using revenues from San Francisco’s half-cent sales tax, which is estimated to be approximately $108.3 million in the agency's fiscal year budget ending June 2025. The agency’s high credit rating reflects multiple factors including its high debt service coverage ratio, stable management and prudent stewardship of the sales tax program. A strong credit rating facilitates lower borrowing costs for the Transportation Authority, such as through its revolving credit facility.

“The Transportation Authority continues to leverage its financial capacity to advance significant sales tax projects for the benefit of San Francisco residents and the city’s economic recovery,” said Transportation Authority Board Chair and District 8 Supervisor Rafael Mandelman. “The high credit rating from Fitch helps us deliver projects cost-effectively and underscores the agency’s sound stewardship of the transportation sales tax program that the voters have entrusted to us.”

The Transportation Authority’s short-term revolver loan and long-term bond are part of the agency’s overall financial strategy to advance half-cent sales tax project delivery and allow benefits to the public to be realized sooner than would otherwise be possible. The Transportation Authority has overseen the use of bond proceeds, plus interest earned, to support the delivery of key projects such as:

  • Muni bus, trolley, and light rail vehicles;
  • Caltrain Modernization, including the Peninsula Corridor Electrification Project;
  • Van Ness Bus Rapid Transit and Improvements;
  • BART’s Next Generation Fare Gates; and
  • Various traffic safety and signal projects citywide.

Last year, the Transportation Authority earned a Certificate of Achievement from the Government Finance Officers Association for the sixth consecutive year. This is the highest form of recognition in governmental accounting and financial reporting, underscoring the Transportation Authority’s commitment to transparency and accountability. The Transportation Authority has managed San Francisco’s transportation sales tax since 1990, helping to deliver generations of major capital projects, as well as neighborhood-level improvements citywide.

Learn more about the Transportation Authority’s activities in our 2023 Annual Report or follow our blog

About the San Francisco County Transportation Authority (

The San Francisco County Transportation Authority’s mission is to make travel safer, healthier, and easier for all. We plan, fund, and deliver local and regional projects to improve travel choices for residents, commuters, and visitors throughout the city. The Transportation Authority Board consists of the 11 members of the San Francisco Board of Supervisors, who act as Transportation Authority Board Members. Board Member Rafael Mandelman is Chair of the Board. Tilly Chang is the Transportation Authority’s Executive Director.