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Anaheim Public Financing Authority, California Anaheim; Retail Electric; Wholesale Electric
Standard & Poors, Oct 2009
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Standard & Poor's Ratings Services affirmed its 'AA-' rating and underlying rating (SPUR) on the City of Anaheim, Calif.'s outstanding first-lien qualified obligations, its 'AA-' rating on Anaheim Public Financing Authority's series 2009A revenue bonds, issued on behalf of the City of Anaheim's electric system, and its 'AA-' and 'A+' SPUR on the authority's series 2004 second-lien qualified obligations. The one-notch difference between the 'AA-' and 'A+' rated bonds is based on our view of the subordinate-lien status of the funds' flow and more permissive bond covenants of the second lien. The ratings reflect our view of the following credit strengths of Anaheim's electric system: Significant rate flexibility to allow for continued strong financial performance and to help offset future...
Companies mentioned in this report are: Anaheim,Southern California Pub Pwr Auth,Anaheim Pub Fincg Auth
Action: New Rating
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