Summary: Bay Area Toll Authority, California; Joint Criteria; Toll Roads Bridges Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA' underlying rating (SPUR) to Bay Area Toll Authority (BATA), Calif.'s series 2008A-1, 2008B-1, 2008C-1, 2008D-1, 2008E-1, and 2008G-1. Standard & Poor's also affirmed its 'AA' long-term rating and SPUR on BATA's senior-lien toll bridge revenue bonds. Finally, Standard & Poor's affirmed its 'A+' long-term rating and SPUR on BATA's outstanding subordinate-lien toll bridge revenue bonds. Both the senior and subordinate bonds are secured by toll revenues on BATA's bridge system. The rating on the subordinate-lien bonds is based on our view of the subordinate nature of the bonds, a more permissive additional bonds test (ABT) as compared with that for the senior-lien bonds, our projections of significantly lower debt service coverage (DSC),...

Companies mentioned in this report are:
- Bay Area Toll Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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- Bay Area Toll Auth

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