S&P Global Ratings' long-term rating and underlying rating (SPUR) on Alameda Corridor Transportation Authority, (ACTA or the authority), Calif.'s senior-lien revenue bonds are 'A-'. S&P Global Ratings' long-term rating and SPUR on the authority's first subordinate-lien and second subordinate-lien bonds are 'BBB+'. The outlook is stable. The bonds are secured by revenues derived from corridor-use fees and container charges paid by railroads, as well as shortfall advances made by the ports of Los Angeles and Long Beach. Specifically, the railroads pay 20-foot-equivalent unit (TEU)-based use fees on loaded and empty containers for using the rail corridor. The railroads also pay TEU-based container charges for loaded TEUs that leave or arrive in Southern California by rail and have been moved on
