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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