2010-04-19 18:32:05 -

Fitch Ratings has affirmed the implied 'A+' long-term rating and the 'F1+' short-term rating on the $61 million outstanding commercial paper notes of the Golden Gate Bridge Highway and Transportation District, CA (the district). The district has no outstanding long-term debt, with no borrowings expected. The Rating Outlook is Stable.

The implied 'A+' long-term rating reflects the bridge's critical role in serving the region's transportation needs, a mature traffic base, a steady regional economy and low leverage. The rating also reflects demonstrated State and Federal support for the district, proactive management, and the unique historic status of the asset. These strengths are balanced against reliance on external financial assistance, the need to subsidize loss-making transit operations, single facility risk compounded by

security risk due to the bridge's iconic status and a weak legal structure regarding the priority of debt payments. Assuming no change in the scope of operations, a toll increase in the next three years appears necessary to maintain appropriate financial cushion at the current rating level.

The 'F1+' short-term rating reflects the district's own financial resources and market access as well as a liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+' by Fitch) in the form of a line of credit. The line of credit expires on July 4, 2010. As of fiscal year end 2009 the authority held $163 million in unrestricted cash and investments.

Bridge tolls are the majority of the district's revenue but transit operations are a majority of its expenses. In addition to covering bridge expenses, excess toll revenue also subsidizes operations of the regional bus and ferry service provided by the district. Without surplus bridge revenue, fare-box collections and operational assistance provided by Marin and Sonoma counties along with the state and the federal government would be insufficient to cover the district's transit operations.

Preliminary estimates for fiscal 2010 indicate 0.5% growth in bridge traffic and a 2.7% increase in revenue. Fiscal 2010 ferry revenue is up 5.5% and ridership is even with last year. Bus revenue is effectively flat and ridership continues to decline.

The district operates the Golden Gate Bridge, which provides a vehicular crossing from the City of San Francisco across the San Francisco Bay to Marin County and points north. Since 1969, when the California State Legislature expanded the district's transportation responsibilities, the district has also operated the Golden Gate Transit bus and ferry services. The bridge, the sole direct vehicle roadway connecting the North Bay counties to San Francisco, is an internationally known landmark with significant national and state interest in maintaining its aesthetic and structural integrity.

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Fitch Ratings, New YorkMike McDermott, 212-908-0605Andrew
Abramczyk, 212-908-0596orMedia Relations:Cindy
Stoller, 212-908-0526Email: cindy.stoller@fitchratings.com : mailto:cindy.stoller@fitchratings.com