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California Community College Financing Authority; Tax Secured, Note
Standard & Poors, June 2003
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
The 'SP-1+' rating on California Community College Financing Authority's series 2003A and 2003B tax and revenue anticipation bonds is based on the pledge of unrestricted fiscal 2004 revenues by the individual community college districts under their TRAN resolutions. The proceeds of the bonds will be used to purchase the notes, and the notes and all right, title, and interest in the notes will be assigned to the trustee for the benefit of the owners of the bonds. The bonds will have the additional security of a bond insurance policy issued by Financial Security Assurance Inc. (FSA), rated 'AAA', of 10% of the bond par amount. Each series is a several obligation with no district having the obligation to make up...
Companies mentioned in this report are: California Comnty Coll Fincg Auth
Action: New Rating
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