The rating on Foothill-Eastern Transportation Corridor Agency, Calif.'s bonds reflects progress on construction, as well as generally favorable traffic results on completed segments. Also supporting the rating are: * A solid service area economy and saturated toll-free competitor facilities; * Activity on the seven miles of early open segments at 97% of fiscal 1997 forecast and at 91% for seven months of fiscal 1998; * A financing plan that projects coverage in the 1.3 times (x)-1.4x range in the early years of operation and coverage of maximum annual debt service (MADS) by 2013, 16 years prior to its occurrence; and * An agreement with Caltrans to maintain the roadway after completion, improving coverage and insuring appropriate maintenance. Early open segment
