Summary: Riverside County, California; Note May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' rating to Riverside County, Calif.'s 2011-2012 tax and revenue anticipation notes (TRANs), series A and B. The rating reflects our view of: Riverside County's ('AA' issuer credit rating) strong general creditworthiness; A note structure that includes the early segregation of county TRAN repayment amounts; and County-projected coverage that, while good at 1.32x for series A at maturity and strong at 1.75x for series B, is very strong when considering alternate liquidity, at 14x and 16x, respectively, at maturity. The county's notes are secured by taxes, income, revenue, and cash receipts attributable to fiscal 2012 and other legally available funds. We understand that the county will use note proceeds to address cash flow...

Companies mentioned in this report are: Riverside Cnty
Action: Affirmed
Action: New Rating

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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.

Riverside Cnty

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