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Summary: California Community College Financing Authority; Appropriations
Standard & Poors, September 2010
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.
Standard & Poor's Ratings Services assigned its 'A+' rating to California Community College Financing Authority's series 2010B $8.25 million lease revenue refunding bonds. The rating reflects our view of the security provided by lease rental payments made by three community college districts: Miracosta Community College District, Palomar Community College District, and Southwestern Community College District. Each district is responsible for meeting its own obligations under its particular lease agreement and, as such, each district will not be responsible for the other districts' payments or need to make up for any deficiency in the lease payments of another district. Given this security structure, pursuant to our criteria, we assign to the authority's bonds the lowest rating of the three districts. We...
Companies mentioned in this report are: California Comnty Coll Fincg Auth
Action: New Rating
Action: Outlook: Stable
California Comnty Coll Fincg Auth