SAN FRANCISCO (Standard&Poor's) March 7, 2008--Standard&Poor's Ratings Services affirmed its 'BBB-' rating and underlying rating (SPUR) on the Foothill/Eastern Transportation Corridor Agency, Calif.'s toll road revenue refunding bonds. The rating continues to reflect the potential for additional bonds, although this is mitigated by solid historical and projected revenue growth. The outlook is stable. "Specific credit concerns include the likelihood of future additional debt to build the agency's Foothill South project, for which the expected financing may occur as early as the beginning of 2010," said Standard&Poor's credit analyst Mary Ellen Wriedt. "The agency also reports high overall debt levels and a debt service schedule that increases by an average of 6% annually and extends
