...S&P Global Ratings has assigned its 'A-' long-term rating to Foothill-Eastern Transportation Corridor Agency, Calif.'s (F/ETCA) $125 million senior-lien remarketed 2013B-2 bonds. In addition, S&P Global Ratings has affirmed its 'A-' and '###+' ratings on F/ETCA's outstanding senior-lien toll road refunding revenue bonds and junior-lien toll road refunding revenue bonds, respectively. The outlook is stable. The ratings reflect our opinion of a strong enterprise risk profile and strong financial risk profile but also the fact that we have not observed the road's performance through a full economic cycle since its debt restructuring in 2014. The strong enterprise risk profile reflects F/ETCA's characteristics as a toll road asset that provides congestion relief almost exclusively to private (noncommercial) vehicles in a wealthy service area. Meanwhile, the strong financial risk profile reflects continued strong debt service coverage (DSC), limited additional debt plans, and an escalating debt...
