Summary: Alameda Community Improvement Commission, California Alameda Public Financing Authority; Tax Increment

Standard & Poors, April 2011

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Abstract
Standard & Poor's Ratings Services assigned its 'A-' long-term rating, and stable outlook, to Alameda Community Improvement Commission, Calif.'s series 2011A (taxable) and 2011B tax allocation housing bonds, issued for Alameda Public Financing Authority. Standard & Poor's also affirmed its 'AA-' underlying rating (SPUR), with a stable outlook, on the commission's series 2003C-2003D senior-lien tax allocation refunding bonds. The ratings reflect our view of: A taxing area centrally located within the San Francisco Bay Area economy, The commission's moderate taxpayer concentration with the 10 leading taxpayers accounting for 31% of incremental assessed value (AV), and A strong maximum annual debt service (MADS) coverage of 1.7x based on fiscal 2011 AV. A subordinate-lien pledge on housing set-aside tax-increment revenues from the...

Companies mentioned in this report are: Alameda Pub Fincg Auth,Alameda Comnty Imp Comm
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Alameda Pub Fincg Auth,Alameda Comnty Imp Comm

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