Summary: Fremont, CA's COPs Rating Raised To ?AAA/A-1+'; Joint Criteria May 11
- ID: 1724242
- May 2011
- Standard & Poors
Standard & Poor's Ratings Services raised its rating on Fremont, Calif.'s (1998 Family Resource Center Financing Project) variable-rate demand certificates of participation to 'AAA/A-1+' from 'AAA/A-1'. The upgrade is based on the substitution of the letter of credit (LOC) provided by KBC N.V. (A/A-1) with a LOC provided by U.S. Bank National Association (AA-/A-1+). The 'AAA' long-term component of the rating is based on Standard & Poor's joint criteria (assuming low correlation). The short-term component of the rating is based solely on the LOC bank. As set forth in our joint criteria, we believe that the likelihood of nonpayment is reduced when two unaffiliated entities are obligated to make debt service payments. In this case, the city of Fremont (AA)...
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