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California Infrastructure And Economic Development Bank The Walt Disney Family Museum; Non-Profit Organizations Mar 11
Standard & Poors, March 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'A+' rating on California Infrastructure and Economic Development Bank's series 2008 bonds, issued on behalf of The Walt Disney Family Museum LLC, which opened in October 2009 in San Francisco. The rating is based our view of the general credit strength of The Walt and Lilly Disney Foundation (The W&LDF), which is the guarantor on these bonds. In our view, credit strengths include: Guaranteed pledge of debt service payment by The W&LDF, which held $172 million in cash and investments as of Dec. 31, 2009, equal to 2.98x debt (however, this compares unfavorably to fiscal 2007's 4.16x coverage), and History of annual support from The W&LDF for museum operations. In our view, offsetting
Article Type:FULL
Companies mentioned in this report are: The Walt Disney Family Museum LLC,California Infrastructure & Econ Dev Bnk
Action: Affirmed
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