Underground sucking sound

20 March 2018 By Pete Sweeney Follow @petesweeneypro

The Washington Metro’s equipment and safety woes are a smoking symbol of U.S. infrastructure ineptitude. Market-based fixes would be wise. Other cities have hired Hong Kong’s mass-transit provider for help, but its property and punctuality playbook also may be replicable.

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Washington D.C.'s Metro public transit system, operated by the Washington Metropolitan Area Transit Authority, was put under direct federal government watch in October 2017 for safety lapses.

In July 2017, Fitch Ratings rated a bond issue from the system, which serves about 700,000 riders daily, AA-minus. Fitch said weaknesses centred on "significant unfunded capital needs", noting the authority needs $15.5 billion over the next 10 years to maintain the status quo.

In December 2016, Washington Metro dismissed or disciplined nearly half its subway track inspectors, accusing them of falsifying safety reports following a train derailment.

In the first half of 2017, MTR Corp., operator of Hong Kong's subway system, reported a 42 percent increase in group revenue, with net profit hitting HK$7.5 billion ($959 million) compared to HK$5.1 billion a year earlier.

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