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California Education Notes Program; Note Jun 10
Standard & Poors, June 2010
Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to California Education Notes Program's series 2010-2011A notes based on our assessment of the tax and revenue anticipation note (TRAN) coverage provided by the ending general fund cash of each of the 11 participating school districts. Given our separate analysis of each district's cash flows, we have assigned a short-term rating of 'SP-1+' on each participating district's TRANs. The maturity date of the TRANs and the series 2010-2011A note is July 1, 2011. Each district's revenues secure its TRANs. The trust indenture prohibits the trustee from applying district payments on its TRANs toward the deficient payments of any other district. Unrestricted taxes, income, revenue, cash, and other money received for,...
Companies mentioned in this report are: California Ed Notes Prog,Acalanes Un High Sch Dist,Santa Monica-Malibu Unif Sch Dist,San Mateo Un High Sch Dist,San Mateo-Foster City Sch Dist,South San Francisco Unif Sch Dist,San Marino Unif Sch Dist,Saratoga Un Sch Dist,Moreland Sch Dist,Portola Vy Sch Dist,Woodside Elem Sch Dist,Mountain View Whisman Sch Dist
Action: New Rating
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.
Research Type: Full Analysis
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