Fitch Ratings has assigned a 'BBB(EXP)' expected rating to approximately US$100 million of private activity revenue bonds (PABs) series 2022A (green bonds) and US$509 million of series 2022B PABs (green bonds) issued by Maryland Economic Development Corporation.

The PABs have been issued on behalf of Purple Line Transit Partners LLC (PLTP) for the Purple Line light rail transit (LRT) project. Fitch has rated 'BBB(EXP)' to approximately US$1.8 billion subordinate Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to the transit project.

The rating reflects highly capable contractors, the project's stage of construction, a sufficient construction security package, and well-defined payment mechanism and operating standards.