Maryland Transportation Authority, Variable Rate Passenger Facility Charge Revenue Bonds, Series 2003A, $64.1MM & Series 2003B, $5.6MM Credit Rating

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Date	Document Type	Title	Source
06 Dec 2018	Outlook	Airports - US: 2019 outlook remains positive but enplanement growth will slow	Moody's Investors Service
04 Dec 2018	Sector In-Depth	Regulated Electric and Gas Utilities - US: Climate-related disclosures by four major utilities vary in both depth and scope	Moody's Investors Service
27 Nov 2018	Sector In-Depth	Infrastructure & Project Finance – US: FAQ: City-operated CCAs, a next step for California's clean-energy transition	Moody's Investors Service
20 Nov 2018	Sector In-Depth	Airports - US: Fiscal 2017 Medians: Economic growth, lower fares underpin financial performance	Moody's Investors Service
12 Nov 2018	Sector In-Depth	Regulated Electric & Gas Utilities - US: LDC Utilities Exposed to Operational Hazards, But Sector Still Viewed as Low Risk	Moody's Investors Service
08 Nov 2018	Outlook	Unregulated power - US: 2019 outlook returns to stable as power prices stabilize, markets begin to balance	Moody's Investors Service
08 Nov 2018	Outlook	Regulated utilities - US: 2019 outlook negative amid growing debt and stagnant cash flow	Moody's Investors Service
07 Nov 2018	Sector Comment	Cross-Sector - US: Next Congress is unlikely to change direction of US policy	Moody's Investors Service
05 Nov 2018	Sector In-Depth	Regulated Electric and Gas Utilities - US: Renewable generation transition unlikely to create significant stranded asset risk	Moody's Investors Service
19 Oct 2018	Sector Comment	Infrastructure & Project Finance: California's change to electricity's cost allocation benefits investor-owned utilities and community choice aggregators	Moody's Investors Service
15 Oct 2018	Sector In-Depth	Public-private partnerships - Global: Problems transitioning to operations typically have limited impact on credit	Moody's Investors Service
12 Oct 2018	Sector Comment	Cross-sector : Municipal, utility and infrastructure issuers' strong credit quality will mitigate effects of Hurricane Michael	Moody's Investors Service
10 Oct 2018	Sector In-Depth	Power Generation Projects - US: Improving refinancing prospects for PJM merchant power generators	Moody's Investors Service
04 Oct 2018	Sector Comment	Project Finance - PPP: Projects resilient to Carillion's failure when supportive features were present	Moody's Investors Service
02 Oct 2018	Sector In-Depth	Cross-Sector - US: Trade, healthcare and immigration policy to remain in spotlight after midterm elections	Moody's Investors Service
17 Sep 2018	Sector In-Depth	Regulated electric and gas utilities - US: Cyber risk is on the rise, but the likelihood of government relief is high	Moody's Investors Service
17 Sep 2018	Sector Comment	Infrastructure & Project Finance: California will consume only carbon-free electricity by 2045, a credit negative for utilities and generators	Moody's Investors Service
14 Sep 2018	Sector Comment	Electric, gas and water utilities - US: Carolina utilities will be financially affected by Florence, but cost recovery provisions should sustain credit quality	Moody's Investors Service
04 Sep 2018	Sector Comment	Municipal electric utilities and G&T cooperatives - US: Proposed clean energy rule benefits public power and cooperative utilities with less efficient coal-fired generation	Moody's Investors Service
29 Aug 2018	Sector Comment	Cross-sector - Hawaii: Hawaii escapes negative effects of Hurricane Lane	Moody's Investors Service
21 Aug 2018	Sector In-Depth	Cross-sector - US: Expansion will negatively pressure airport credit profiles, but less impact on airlines	Moody's Investors Service
20 Aug 2018	Sector Comment	Cross-Sector - US: New US law widens restrictions on foreign investment in the US and exports of US-developed technology, a credit negative	Moody's Investors Service
31 Jul 2018	Sector Comment	Global Trade Monitor – July 2018: Escalation of global trade tensions becomes the baseline expectation	Moody's Investors Service
09 Jul 2018	Sector Comment	Unregulated E&G Utilities and Power Companies - United States: US energy regulator's modifications to bidding rules benefit fossil generators and other unsubsidized generation	Moody's Investors Service
18 Jun 2018	Outlook	Regulated utilities - US: 2019 outlook shifts to negative due to weaker cash flows, continued high leverage	Moody's Investors Service
14 Jun 2018	Sector In-Depth	Power generation - US: Coal, nuclear plant closures continue CO2 decline but power market impact muted	Moody's Investors Service
11 Jun 2018	Sector In-Depth	Cross-Sector – Puerto Rico: Weak economic recovery weighs on issuers as new hurricane season looms	Moody's Investors Service
01 Jun 2018	Sector Comment	Power Generation Projects & Power Companies: PJM capacity auction results are credit positive for most power projects and independent power producers	Moody's Investors Service
31 May 2018	Sector In-Depth	Higher education and infrastructure - US: FAQ on public-private partnerships in higher education	Moody's Investors Service
24 May 2018	Sector Comment	Regulated Electric & Gas Networks: Missouri's regulated utilities will benefit from new infrastructure investment legislation	Moody's Investors Service
15 May 2018	Sector In-Depth	Public Power and Electric Cooperatives - US: Prudent self-regulation is key to managing carbon transition risks	Moody's Investors Service
10 May 2018	Sector In-Depth	Cross-Sector – US and China: China tariff proposal has mixed credit implications for US sectors	Moody's Investors Service
20 Apr 2018	Sector Comment	Infrastructure & Project Finance: Change in outlook for Province of Ontario has limited credit impact on PPP transactions	Moody's Investors Service
05 Apr 2018	Sector In-Depth	Public power utilities and electric generation & transmission cooperatives - US: Efficient coal plants are still competitive, but nationwide fleet remains under pressure	Moody's Investors Service
05 Apr 2018	Sector Comment	Infrastructure & Project Finance: FirstEnergy Solutions’ planned nuclear plant closures are credit positive for other generators	Moody's Investors Service
29 Mar 2018	Sector In-Depth	Infrastructure & project finance - US: White House plan supports investment to varying degrees across sectors	Moody's Investors Service
29 Mar 2018	Sector In-Depth	Renewable energy - US: Offshore wind is ready for prime time	Moody's Investors Service
15 Mar 2018	Sector In-Depth	Cross-Sector - US and Canada: NAFTA exit would weigh on states and provinces more than national economies	Moody's Investors Service
15 Mar 2018	Sector Comment	Infrastructure & Project Finance: New York’s renewable energy contracts are positive for renewable developers and state	Moody's Investors Service
13 Mar 2018	Sector In-Depth	Infrastructure & Project Finance - US: White House plan supports the development of the PPP market	Moody's Investors Service
19 Feb 2018	Sector Comment	Commuter Services: For Amtrak, the Trump administration’s proposal to reduce federal funding is credit negative	Moody's Investors Service
15 Feb 2018	Sector Comment	Cross-Sector - US: Infrastructure plan’s success depends on state, local government and private uptake	Moody's Investors Service
08 Feb 2018	Sector In-Depth	Cross-sector - Artificial intelligence : As AI goes mainstream, its potential to reshape sectors still remains years away	Moody's Investors Service
02 Feb 2018	Sector In-Depth	Cross Sector - US : Standoff over the budget and debt ceiling poses credit risk for sovereign, other issuers	Moody's Investors Service
31 Jan 2018	Sector Comment	Municipal supported products - US: Municipal VRDB issuers continue to benefit from a diversified investor base	Moody's Investors Service
24 Jan 2018	Sector In-Depth	Cross-Sector - US: FAQ on the credit impact of new tax law	Moody's Investors Service
24 Jan 2018	Sector Comment	Regulated Utilities - US : Tax reform is credit negative for sector, but impact varies by company	Moody's Investors Service
10 Jan 2018	Sector In-Depth	US tax law: Credit implications vary by sector	Moody's Investors Service
21 Dec 2017	Sector In-Depth	Tax Reform – US: Corporate tax cut is credit positive, while effects of other provisions vary by sector	Moody's Investors Service
20 Dec 2017	Sector Comment	Cross-Sector: California wildfires could create material contingent liabilities and credit challenges	Moody's Investors Service

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