Standard&Poor's Ratings Services affirmed its 'BBB-' rating and underlying rating (SPUR) on the Foothill/Eastern Transportation Corridor Agency (F/ETCA), Calif.'s toll road revenue refunding bonds. The rating continues to reflect the potential for additional bonds mitigated by solid historic and projected revenue growth. More specifically, credit concerns include: The likelihood of future additional debt to build the Foothill South project; eight project alternatives are currently under consideration, including six toll-road alignments, the widening of Interstate 5, and the widening of major arterial streets; and High overall debt levels and a debt service schedule that increases an average of 6% annually and extends to 2040. Positive factors supporting the rating include: Toll revenue above forecasted levels, with fiscal 2005 at
