NEW YORK (Standard&Poor's) Oct. 1, 2008--Standard&Poor's Ratings Services raised its underlying rating (SPUR) on Alameda Contra Costa Transit District, Calif.'s series 2007 certificates of participation (COPs) to 'A+' from 'A'. We also raised the long-term rating, with a stable outlook, on the series 2001 AMBAC-insured COPs from 'A+' to 'A'. At the same time, Standard&Poor's assigned its 'A+' long-term rating, and stable outlook, to the district's $15 million COPs (Land Acquisition Project) series 2008A. "The upgrade is based on the district's continued strong financial operations and low debt levels," said Standard&Poor's credit analyst David Hitchcock. The assigned lease rating reflects the long-term creditworthiness of the Alameda Contra Costa Transit District; and a
