Standard&Poor's Ratings Services has affirmed its 'BBB+' rating on Mid-Bay Bridge Authority (MBBA), Fla.'s senior-lien revenue bonds outstanding. At the same time, Standard&Poor's affirmed its 'BBB-' rating on the series 2011A and B springing-lien revenue bonds. The outlook is stable. In our opinion, specific credit weaknesses include: Continued annual traffic declines since 2006, with transactions down to 6.5 million from 7.6 million, including a 1.6% reduction from 2010. A toll increase offsets this somewhat; The single-asset nature of a relatively small revenue stream (rather than a system of toll facilities); and The local economy, which depends on the tourist industry. We believe offsetting credit strengths include: The Florida Department of Transportation's (FDOT) commitment to pay annual
