Standard&Poor's Ratings Services raised its underlying rating (SPUR) on Alameda Contra Costa Transit District, Calif.'s series 2007 certificates of participation (COPs) to 'A+' from 'A'. We also raised the long-term rating, with a stable outlook, on the series 2001 AMBAC-insured COPs from 'A+' to 'A'. At the same time, Standard&Poor's assigned its 'A+' long-term rating, and stable outlook, to the district's COPs (Land Acquisition Project) series 2008A. The upgrade is based on the district's continued strong financial operations and low debt levels. The assigned lease rating reflects: 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
