Summary: 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

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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.

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

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