Standard&Poor's Ratings Services assigned its 'A' rating to Alameda-Contra Costa Transit District, Calif.'s series 2007 certificates of participation (FHR Computer System Project). At the same time, Standard&Poor's affirmed its 'A' underlying rating (SPUR) on the district's series 2001 AMBAC-insured COPs. The ratings reflect: The long-term creditworthiness of the Alameda-Contra Costa Transit District; and A covenant to budget and appropriate pledged lease payments, subject to abatement in the event of damage or destruction of the leased assets that would impair their beneficial use. The series 2007 COPs will fund acquisition and installation of a new computer system, which the district will not pledge to the COPs. Securing the series 2007 COPs is an indenture whereby lease revenues
