Standard&Poor's Ratings Services affirmed its 'BBB-' long-term rating on the Foothill-Eastern Transportation Corridor Agency, Calif.'s senior-lien toll road revenue bonds and its 'BB+' long-term rating on the agency's junior-lien toll road revenue bonds. The outlook is stable. The ratings reflect our view of the agency's: High debt levels and a debt service schedule that increases by a 3.7% average annual rate through 2038; Fluctuating operational performance, with traffic flat or decreasing from 2008 to 2013; however, transactions increased 2.3% in fiscal 2014 and 3.1% in fiscal 2015; Uncertainty regarding the elasticity of tolls, and management's financial forecast plans for small annual toll increases throughout the forecast period (although recent toll increases have increased revenue); and Adequate aggregate coverage
