Mass Transit outlook revised to stable as funding and operations adapt to post-pandemic norms
Expecting lower ridership to persist, transit systems are stabilizing as funding and operations adapt to post-pandemic norms.
As US transit ridership reaches 80% of pre-pandemic levels, several states and local governments have recently committed or proposed additional assistance for transit to sustain or improve this essential service. Growing government support and tax subsidies to offset lower fares started before the pandemic and are expected to continue, given the vital roles transits serve in bolstering economic vitality, fostering social cohesion, and promoting environmental sustainability. At the same time, systems continue to lure back riders and adapt operations to the new normal.
- How is the transit funding model adapting to post-pandemic norms?
- What are transit agencies doing to lure back riders?
- What are the remaining risks and challenges for the sector?
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SpeakersNick Samuels Senior Vice President, States Ratings Team Moody's Ratings
Baye Larsen Vice President - Senior Credit Officer, State Ratings Team Moody's Ratings
Sunny Zhu Assistant Vice President - US Public Finance Moody’s Ratings
Maddie Atkins Analyst Moody’s Ratings
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Nick Samuels is a Senior Vice President for the States and High Profile Ratings Team covering credits for the state of Texas, New York City, and the District of Columbia.
Prior to joining Moody’s, Nick worked for the National Association of State Budget Officers analyzing state fiscal and expenditure trends. Nick holds a BA degree in government from Skidmore College and a Master’s in Public Administration from the George Washington University.
Baye Larsen is a Vice President/Senior Credit Officer on the State Ratings Team covering credits primarily for the states of New York, Pennsylvania, Rhode Island and Tennessee. Baye is also the lead analyst for the New York MTA, SEPTA and the Port Authority of Allegheny County, as well as a number of federal lease transactions. She has contributed to several analytical development projects at Moody’s, including the PFG Cybersecurity Task Force and publication of the Mass Transit Methodology and the Federal Lease Methodology.
Prior to joining the State Ratings Team, Baye worked for the US Project and Infrastructure Finance Team, where she covered a portfolio of utility and infrastructure issuers, and on the Local Governments Ratings Team providing ratings for local governments and water and sewer utilities. Baye holds an MPA from New York University and a BA in government from Georgetown University.
Sunny Zhu is currently an Assistant Vice President/ Analyst on the State Ratings Team, covering a few states and mass transit issuers on the West Coast. She previously worked on Moody’s Local Governments Ratings Team, covering select California cities, counties, water/sewer enterprises, school districts, and community college districts.
Prior to joining Moody’s, Sunny worked as a financial advisor for public sector issuers, primarily airports and transportation agencies. Sunny holds a BA in Economics from the University of California, Berkeley.
Maddie Atkins is an Analyst for the San Francisco Local Governments Ratings Team covering credits primarily in Arizona, California, Idaho, Nevada, Oregon and Utah. Maddie serves as the lead analyst for local government credits in Nevada. In addition to her analytical work, Maddie contributes to research on water in the western US.
Prior to joining Moody’s, Maddie was a Financial Consultant with Carollo Engineers. Maddie holds a Master of Environmental Management with a focus in Water Resources Management from the Nicholas School of the Environment at Duke University and BA degrees in Geology and Environmental Studies from Case Western Reserve University.