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Apple Valley Redevelopment Agency, CA Series 2007 Bond Rating Lowered To 'BBB+' On Recent AV Declines
Standard & Poors, March 2011
Abstract
SAN FRANCISCO (Standard & Poor's) March 21, 2011--Standard & Poor's Ratings Services lowered its long-term rating and underlying rating (SPUR) to 'BBB+' from 'A-' on Apple Valley Redevelopment Agency, Calif.'s series 2007 tax allocation bonds issued for Project Area No. 2. The outlook is negative. 'The lowered rating reflects our view of assessed valuation declines of 15.3% and 14.6%, respectively, in fiscals 2010 and 2011 and the possibility that that revenues may decrease further as a result,' said Standard & Poor's credit analyst Jen Hansen. In fiscal 2011, total assessed value (AV) was $760 million, and incremental AV was $341 million. AV for fiscals 2010 and 2011 has dropped by 15.3% and 14.6%, respectively, due to reductions in residential AV.
Article Type:NEWS,RATING_ACTION
Companies mentioned in this report are: Apple Vy Redev Agy,Apple Vy
Action: Downgraded
Action: Outlook: Negative
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