The affirmed 'A' underlying rating (SPUR) on Alameda-Contra Costa Transit District, Calif.'s certificates of participation (COPs) reflects the diversity of the revenue stream and strong local economy despite the weak recent financial performance of the district. The rating also reflects: The strength and diversity of the available revenue stream; Good essentiality of the leased asset, an office building; and The Alameda-Contra Costa Transit District's participation in the San Francisco Bay Area's employment base. These strengths are offset by weak financial performance. The rating also reflects abatement risk; however, the district maintains rental interruption insurance that provides for the maximum annual lease payments for two fiscal years. Lease payments from the district act as security for the COPs. The district may
