Fitch rates Bay Area Toll, Calif., bonds AA-

Fitch Ratings said it assigned an AA- rating to $500 million Bay Area Toll Authority, California, San Francisco Bay Area Toll Bridge revenue bonds, 2008 series A-1 through E-1, and G-1 variable-rate demand bonds.

In addition, Fitch affirmed the AA- rating on $1.5 billion in parity revenue bonds and also the AA- underlying rating on the authority's outstanding $2.4 billion variable-rate demand bonds and auction-rate revenue bonds, all of which are on parity.

The outlook on the bonds is stable.

Fitch expects to rate the 2008 series A-1 through E-1 and G-1 bonds F1+ based on liquidity support in the form of standby bond purchase agreements with a group of banks to be determined shortly.

The bonds are expected to be sold through negotiation via a syndicate led by Merrill Lynch in June.

Proceeds being used to refund the authority's series 2006 A-2, A-3, B-2, D-1, D-3 and E-2 bonds, which were synthetically fixed auction-rate securities and variable-rate demand bonds. Remaining portions of the proceeds will be used to meet the debt service reserve fund requirement, and pay costs of issuance.

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