KBRA Releases Surveillance Report Affirming AAA Rating for Peninsula Corridor Joint Powers Board Sales Tax Revenue Bonds

On January 22, 2026, KBRA affirmed the long-term rating of AAA with a Stable Outlook for the Peninsula Corridor Joint Powers Board (the "JPB") Sales Tax Revenue Bonds.

The JPB operates Caltrain, a single-asset commuter rail system that provides high frequency service from San Francisco to San Jose and limited service onward to the City of Gilroy. Operated by JPB since 1992, the rail corridor traverses the Silicon Valley and serves a three-county service area with a combined population of 3.5 million and a highly favorable socioeconomic profile.

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Click here to view the report.