Summary: Tustin Pub Fing Auth, CA; Tax Secured, Tax Increment
- ID: 1785342
- May 2002
- Standard & Poors
The 'BBB' Standard & Poor's rating (SPUR) on Tustin Public Financing Authority, Calif.'s bonds reflects the authority's: Good access to the Orange County and Los Angeles County employment bases; Pledged special assessment tax area, with primarily residential properties and no taxpayer concentration; Fixed tax levied per parcel not based on parcel value; High debt burdens for some parcels--about 11% of the tax come from parcels with less than 5:1 value to lien ratio; and Good 1.25 times (x) annual debt service coverage and an authority additional parity bonds test, which requires 1.20x historical debt service coverage for future parity debt to maintain coverage in the future. The series 1996A bonds are on a parity with insured series 1997B, 1998C, 1999D,...
Companies mentioned in this report are: Tustin Pub Fing Auth
Action: Rating Reinstated
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.
SHOW LESS READ MORE >