Standard & Poor's Ratings Services assigned its 'AA-' long-term rating, and stable outlook, to the California Community College Financing Authority's lease revenue bonds series 2008B, 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 general obligation (GO) bonds outstanding. The 'AA-' long-term rating reflects our view of the district's: Appropriation risk associated with appropriation-backed obligations, resulting in the lease revenue bonds 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. West Valley-Mission Community College District has...
Companies mentioned in this report are:
- West Valley-Mission Comnty Coll Dist
- California Comnty Coll Fincg Auth
Action: New Rating
Action: Outlook: Stable
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. SHOW LESS READ MORE >