Summary: California Comnty Coll Fin Auth; General Obligation, Local Note

Standard & Poors, June 1999

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The rating on California Community College Finance Authority's TRAN bonds reflects overcollateralization of the TRAN bonds' par amount at approximately 9% to address the possibility of debt service deficiencies in the 36 participating community college districts. The districts will issue TRANs to be purchased by the authority with proceeds of the series 1999 series A, B and C TRAN bonds. Historical and projected financial and liquidity information provided by each issuer, including the strength of their general funds, and the availability of resources in other funds that could be temporarily borrowed to pay TRAN debt service has been reviewed. In the event of a debt service deficiency, Financial Security Assurance Inc. (FSA, 'AAA' rated) will provide a policy of approximately...

Companies mentioned in this report are: California Comnty Coll Fincg Auth
Action: New Rating

California Comnty Coll Fincg Auth

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