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Summary: Montebello Community Redevelopment Agency, California; Tax Increment
Standard & Poors, May 2011
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 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: On CreditWatch:Negative
Montebello Comnty Redev Agy