The rating on El Paso, Texas' toll bridge system bonds reflects the following credit strengths: * Strong financial operations with coverage of 19.3 times (x) in 1997, * Adequate legal provisions that include a 1.5x rate covenant, and * Stable demand statistics for bridge crossings, highlighted by a 48% increase in commercial traffic. A higher rating is precluded by competition with a nearby, federally operated, toll-free bridge and the high level of discretionary traffic. The toll bridge system operates three bridges within the city. The bridges are located over the Rio Grande River and connect the city with Ciudad Juarez, Mexico. The Zaragosa International Bridge is an eight lane toll crossing, with four lanes dedicated for commercial traffic. The Stanton
