Standard & Poor’s last Friday upgraded its underlying rating on the San Diego County Regional Transportation Commission’s sales tax bonds to AAA from AA.

“The rating reflects the commission’s very strong debt service coverage that could withstand declines due to economic weakening,” Standard & Poor’s credit analyst Ian Carroll said in a statement. “In addition, the commission has a practice of using 60% of its pledged revenues for grants to local recipients — effectively translating into a 2.5 times additional bonds test.”

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