NEW YORK (Standard&Poor's) June 21, 2004-Standard&Poor's Ratings Services assigned its 'A-' rating to Mid-Bay Bridge Authority, Fla.'s senior-lien revenue bonds, series 2004A and 2004B. The outlook is stable. The stable outlook reflects the expectation that annual debt service coverage levels will remain sound. The stable outlook further reflects the continued support from the Florida Department of Transportation (FDOT). The rating reflects the strong historical growth in bridge traffic and toll revenues, FDOT's commitment to pay annual bridge operating and maintenance costs as long as bonds are outstanding pursuant to an irrevocable lease purchase agreement between the authority and FDOT, and historically sound coverage of senior-lien annual debt service, along with additional liquidity provided from $6 million
