S&P Global Ratings' long-term rating and underlying rating (SPUR) on Foothill-Eastern Transportation Corridor Agency (F/ETCA, or the agency), Calif.'s senior-lien toll road revenue bonds outstanding is 'A', and its long-term rating and SPUR on its junior-lien toll road revenue bonds is 'A-'. The outlook is stable. Net revenues of F/ETCA's toll system secure the agency's toll road revenue bonds. Development impact fees are also pledged to the bonds, subject to the agency's right to use $2.5 million of fee revenue for any lawful purpose during each semiannual period ending July 15 or Jan. 15. A cash-funded debt service reserve fund for the senior-lien bonds and junior-lien bonds provides additional security to bondholders. As of April 2025, F/ETCA has approximately $2.5
