S&P Global Ratings affirmed its 'A+' long-term rating on Alameda Contra Costa Transit District (AC Transit), Calif.'s series 2007 and series 2009 certificates of participation (COPs). Also, we affirmed our 'a+' stand-alone credit profile (SACP) and our 'A+' issuer credit rating (ICR) on AC Transit. The outlook is stable. The ratings reflect our view of AC Transit's: Very low industry risk, with low cyclicality and volatility of earnings during economic cycles, and very low competition; Extremely strong economic fundamentals; Very strong management, governance policies, and practices, with strong financial policies; Very strong debt service coverage (DSC) and strong liquidity; and Very low debt burden. In our opinion, partly offsetting credit risks include: Weak financial flexibility, with a low farebox recovery
