Standard&Poor's Ratings Services assigned its 'A-' rating, and stable outlook, to Mid-Bay Bridge Authority, Fla.'s series 2007A and 2007B senior-lien revenue bonds. At the same time, Standard&Poor's affirmed its 'A-' underlying rating (SPUR), with a stable outlook, on the authority's series 2004A and 2004B parity bonds. The rating is based on a single-asset toll bridge that benefits from the Florida Department of Transportation's (FDOT) commitment to pay annual bridge operating and maintenance (O&M) costs and an additional cash reserve. The rating further reflects an expected significant debt defeasance in October 2007. More specifically, the rating reflects: FDOT's commitment to pay annual bridge O&M costs as long as the bonds are outstanding, pursuant to an irrevocable lease
