The 'A-1+' rating assigned to Alameda-Contra Costa Transit District, Alameda County, Calif. 2004-05 revenue anticipation notes is based on an irrevocable LOC provided by BNP Paribas. The LOC provides principal of and interest on the notes at maturity. The notes will mature on July 7, 2005. The fiscal agent is instructed to draw on the LOC in accordance with its terms, two business days prior to the maturity date, in order to receive principal and accrued interest on the maturity date. Note proceeds will be used to provide the district with interim financing for projected operation cash shortfalls due to the timing of receipt of certain revenues for the fiscal year ending June 30, 2005, and to pay certain costs
