A swap that the San Diego Regional Transportation Commission signed this month is considered so airtight even the rating agencies view the underlying variable-rate bonds as a fixed-rate obligation.

In a rare move, Moody's Investors Service and Standard & Poor's Corp. decided the commission had built enough protections against a swap collapse into its $142 million deal that the issuer could consider the bonds fixed for purposes of funding its debt service reserve and meeting its additional bonds test.

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