S&P Global Ratings has assigned its 'BBB-' long-term rating to Foothill-Eastern Transportation Corridor Agency, Calif.'s $125 million senior-lien remarketed 2013B-1 bonds. At the same time, S&P Global Ratings affirmed its 'BBB-' long-term rating on the agency's senior-lien toll road revenue bonds outstanding, 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 an average of 3.7% annually through 2038; Fluctuating operational performance, with traffic flat or decreasing from 2008 to 2013; however, transactions grew from 2014-2016, at rates ranging from 2.3%-8.5% per year; Uncertainty regarding the elasticity of tolls, and management's plans for small annual toll
