The security for the Alameda-Contra Costa Transit Authority, Calif.'s $24.3 million certificates of participation series 1989 is the requirement that the district make monthly deposits under an installment sale agreement from any available monies, including fare box revenues, unrestricted grants, and contract service revenues. There is no pledge of specific revenues. The affirmed 'BBB-' rating reflects: A weak financial position, Flattening trends in ridership volume, and A weak legal structure with a dependence on state, local and federal subsidies for capital and operating expenditures. The weaknesses are offset by good debt service coverage levels and the district's participation in the San Francisco Bay Area's employment base. The district covenants to budget installment payments each year, to take all steps legally
