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Apple Valley Redevelopment Agency, CA Series 2007 Bond Rating Outlook Revised To Negative On Declines In AV
Standard & Poors, March 2011
Abstract
SAN FRANCISCO (Standard & Poor's) March 21, 2011--Standard & Poor's Ratings Services revised the rating outlook to negative from stable on Apple Valley Redevelopment Agency, Calif.'s series 2007 tax allocation bonds (VVEDA Project Area) outstanding. At the same time, Standard & Poor's affirmed its 'BBB+' long-term rating on the bonds. 'The negative outlook reflects our view of the possibility that, based on recent trends, assessed value could decline further, leading to a drop in pledged revenues given the agency's high volatility ratio,' said Standard & Poor's credit analyst Jen Hansen. 'If coverage were to decline further, we could lower the rating.' Apple Valley's VVEDA Project Area encompasses roughly 1,240 acres in northwestern Apple Valley. In fiscal 2011, total assessed value
Article Type:NEWS,RATING_ACTION
Companies mentioned in this report are: Apple Vy Redev Agy
Action: Affirmed
Action: Outlook: Negative
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