NEW YORK (Standard&Poor's CreditWire) July 8, 1999—Standard&Poor's today assigned its triple-'B'-minus rating to Foothill-Eastern Transportation Corridor Agency, Calif.'s (F/ETCA) $1.635 billion toll road revenue refunding bonds, series 1999A. The outlook is stable. The triple-'B'-minus rating is also affirmed on the single 2035 maturity of the series 1995 bonds totaling $184 million that remains outstanding after this sale. The ratings reflect the following credit concerns: -- Inherent ramp-up risks associated with a new tolled facility—especially the critical fiscal year 2000-2003 time period–and longer term toll-free competition with annual transactions projected to grow at 3.3%; -- High overall debt levels and debt service schedule that increases an average of 7% annually and extends to 2040; -- A requirement
