Summary: Santa Barbara County, California; Note May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to Santa Barbara County, Calif.'s 2011-2012 tax and revenue anticipation notes (TRANs), series A. The rating reflects our view of: The county's very strong underlying general credit characteristics ('AA+' appropriation rating); Structural provisions that include early set-asides of pledged revenues in December 2011 and April 2012 (prior to the June 29, 2012, maturity); and Adequate county-projected debt service coverage of 1.32x at maturity, although coverage is projected at 2.21x when including the county's access to additional liquidity sources totaling $55.8 million that can be transferred internally for TRAN repayment. The county's substantial alternate sources of liquidity mitigate our concern with regard to the county's projected decline in cash balances during...

Companies mentioned in this report are: Santa Barbara Cnty
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.

Santa Barbara Cnty

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