Standard&Poor's Ratings Services assigned its 'A-' rating, and stable outlook, to Mid-Bay Bridge Authority, Fla.'s series 2008 senior-lien revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'A-' underlying rating (SPUR), with a stable outlook, on the authority's existing parity bonds. The rating reflects 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. More specifically, the rating reflects FDOT's: Commitment to pay annual bridge O&M costs as long as the bonds are outstanding (under an irrevocable lease purchase agreement between the authority and FDOT); Sound coverage of senior-lien annual debt service with pledged revenues, along with
