Summary: Montebello Community Redevelopment Agency, California; Tax Increment

Standard & Poors, May 2011

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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 affirmed its 'A-' long-term and underlying ratings (SPUR) on Montebello Community Redevelopment Agency, Calif.'s senior-lien tax allocation bonds (TABs) and placed the rating on CreditWatch with negative implications. At the same time, Standard & Poor's affirmed its 'BBB+' long-term rating and SPUR on the agency's subordinate-lien tax TABs series 2009A and placed the rating on CreditWatch with negative implications. All the bonds were issued for the Montebello Hills project area. We placed the ratings on CreditWatch with negative implications based on our need for clarification on the agency's special fund account. As of May 3, 2011, we have contacted the issuer, bond counsel, and trustee to verify the flow the funds for the agency's debt...

Companies mentioned in this report are: Montebello Comnty Redev Agy
Action: Affirmed
Action: On CreditWatch:Negative

Montebello Comnty Redev Agy

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