The 'A-1+' rating on the Alameda-Contra Costa Transit District 2003-04 Revenue Anticipation Notes is based on a direct pay LOC from BNP Paribas. The notes were issued on Aug. 27, 2003 and will mature on Aug. 19, 2004. Two business days prior to the maturity of the notes, the fiscal agent will draw on the LOC for principal and accrued interest on the notes, to be paid on Aug. 19, 2004. There are no optional or mandatory redemption events. The LOC covers 357 days of interest bases on a 360-day year.