Table A-1: Financial Ratings: Capital Financing Commitments

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Table A-1: Financial Ratings: Capital Financing Commitments


Phase of Project
Rating
Indicators
Final Design

High

Sponsoring agency is considered to be in very sound financial condition. Non-Section 5309 New Starts Funds are committed and available to fund the project. The applicant has the fiscal capability to construct the project and has sufficient funds to cover the entire Non-Section 5309 New Starts share of the overall undertaking, including provision for contingent cost overruns, without exhausting such capacity.

Medium-High

Sponsoring agency is considered to be in sound financial condition. Non-Section 5309 New Starts funds are committed to the project, but funds may not yet be available. The applicant has the fiscal capacity to construct the project and has sufficient funds to cover the entire Non-Section 5309 New Starts share of the overall undertaking, including provision for contingent cost overruns.

Medium

Sponsoring agency is considered to be in reasonably sound financial condition. The majority of Non-Section 5309 New Starts funds are committed to the project. However, a significant portion of the Non-Section 5309 New Starts funding either does not yet exist or exists but is not yet committed to the project. It is highly likely that sufficient funds will be committed to cover the entire Non-Section 5309 New Starts share of the overall undertaking, including provision for contingent cost overruns.

Low-Medium

Sponsoring agency is in reasonably sound financial condition. The applicant may have identified potential sources of Non-Section 5309 New Starts funds to construct the project. However, the majority of Non-Section 5309 New Starts funds have not been committed to cover the Non-Section 5309 New Starts share of project costs, including the provision for contingent cost overruns. The plan assumes some local funding which does not yet exist.

Low

The sponsoring agency is not in sound financial condition. The applicant has not yet identified nor committed sufficient funding to cover the Non-Section 5309 New Starts share of project costs.

Preliminary Engineering

 

High

Sponsoring agency is considered to be in very sound financial condition. Non-Section 5309 New Starts funds are identified and committed to fund the project, but a portion of the funds may not yet be available. Sufficient funds to cover the Non-Section 5309 New Starts share of the overall undertaking, including provision for contingent cost overruns, have been committed.

Medium-High

Sponsoring agency is considered to be in sound financial condition. The applicant has identified and committed sufficient funds to cover the majority of the Non-Section 5309 New Starts share of the overall undertaking, including provision for contingent cost overruns.

Medium

Sponsoring agency is considered to be in reasonably sound financial condition. The applicant has adopted a realistic capital finance plan that adequately covers projected local capital costs. Some portion of funding to cover the Non-Section 5309 New Starts share of project costs has been committed, but a significant portion of local funding either does not yet exist or exists but is not yet committed to the project.

Low-Medium

Sponsoring agency may be in sound financial condition, with some correctable deficiencies. The applicant has not yet adopted a realistic capital finance plan that adequately covers projected local capital costs. Non-Section 5309 New Starts funds are not committed and proposed new sources of funding are not available to fund the construction of the project.

Low

Sponsoring agency is not considered to be in reasonably sound financial condition. The applicant has adopted a capital finance plan that FTA considers inadequate or infeasible. Non-Section 5309 New Starts funds have not been identified to finance construction of the project.