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

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

  • ID: 1786916
  • May 2011
  • Region: California
  • Standard & Poors

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

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La Quinta Redev Agy

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