Standard&Poor's Ratings Services affirmed its 'BBB-' rating and underlying rating (SPUR) on the Foothill/Eastern Transportation Corridor Agency (F/ETCA), Calif.'s toll road revenue bonds. The ratings reflect our view of a toll road system with good historic performance, recent declines in traffic and revenue, a large debt burden, and uncertainty surrounding a large extension project. In our opinion, specific credit concerns include the following: High overall debt levels and a debt service schedule that increases by a 4.6% average annual rate through 2040; Recent negative operational and financial performance, with traffic and revenues for the fiscal year through February 2009 down 8.5% and 8.9%, respectively, from the same period last year; and Uncertainty surrounding the Foothill South toll road
