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, although this is 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, for which the expected financing may occur as early as mid 2008; and High overall debt levels and a debt service schedule that increases by an average of 6% annually and extends to 2040. Positive factors supporting the rating include: Toll revenue above forecasted levels, with fiscal 2006 at 110.3% of projections (based on the 1999
