Standard&Poor's Ratings Services has lowered its rating on Mid-Bay Bridge Authority, Fla.'s senior-lien revenue bonds outstanding to 'BBB+' from 'A-'. The downgrade reflects our view of traffic declines over the past three years, resulting in financial performance that we believe is no longer consistent with the 'A' rating category. The outlook is negative, reflecting the likelihood of additional debt within the next year, which has not been fully clarified, but which we expect to be significant. In our opinion, specific credit weaknesses include: Yearly traffic and revenue declines since 2006, with traffic during the period down to 6.8 million vehicles from 7.6 million, and toll revenue to $12.7 million from $14.7 million; The single-asset nature of a relatively
