Summary: West Valley-Mission Community College District, California; Appropriations; General Obligation

Standard & Poors, July 2008

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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
Standard & Poor's Ratings Services assigned its 'AA-' rating to the California Community College Financing Authority's lease revenue bonds series 2008A, issued on behalf of the West Valley-Mission Community College District. In addition, Standard & Poor's affirmed its 'AA' underlying rating (SPUR) on the district's outstanding GO bonds. The 'AA-' rating reflects the district's: Appropriation risk associated with appropriation-backed obligations, resulting in certificates being rated one notch off of the GO rating; and General creditworthiness. The bonds are limited obligations of the authority, payable solely from authority revenues, consisting primarily of the lease payments made by the district to the authority. The district has covenanted to budget and appropriate annual lease payments. Under a lease lease-back structure, the district will...

Companies mentioned in this report are: West Valley-Mission Comnty Coll Dist,California Comnty Coll Fincg Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

West Valley-Mission Comnty Coll Dist,California Comnty Coll Fincg Auth

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