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Summary: La Quinta Financing Authority, California; Tax Increment May 11

  • ID: 1786916
  • May 2011
  • Region: California
  • Standard & Poors
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Abstract
Standard & Poor's Ratings Services assigned its 'A' long-term rating to La Quinta Redevelopment Agency, Calif.'s (authority) series 2011 local agency subordinate taxable revenue bonds, issued for Project Area No. 1 (PA 1) and Project Area No. 2 (PA 2) housing projects. The outlook is stable. The rating reflects what we view as: A large and diverse combined project area encompassing 14,605 acres, 20 miles from Palm Springs, Calif., in Riverside County; Good pro forma senior and subordinate maximum annual debt service (MADS) coverage of 1.50x based on fiscal 2011 tax increment revenues, after including a reduction from assumed successful appeals; A good additional bonds test (ABT), which requires total housing revenues to cover senior and subordinate debt service by...

Companies mentioned in this report are: La Quinta Redev Agy
Action: New Rating
Action: Outlook: Stable

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 READ MORE >

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La Quinta Redev Agy

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