Standard&Poor's Ratings Services assigned its 'BBB-' long-term rating to the Foothill-Eastern Transportation Corridor Agency (F/ETCA, or the agency), Calif.'s approximately $76.6 million series 2015A senior-lien toll road refunding revenue bonds. At the same time, Standard&Poor's affirmed its 'BBB-' long-term rating and underlying rating (SPUR) on the agency's previously issued senior-lien toll road revenue bonds and its 'BB+' long-term rating on the agency's previously issued junior-lien toll road revenue bonds. The outlook is stable. The ratings reflect our view of the agency's: High debt levels and a debt service schedule that increases by a 3.75% average annual rate through 2038; Fluctuating operational performance, with traffic decreases of 5.7% in fiscal 2010 and 0.4% in fiscal 2011, flat
