SPURs On Various California RDA Successor Agency TABs Removed From CreditWatch; Tax Increment Oct 12
- Language: English
- Published: October 2012
- Region: California
Standard & Poor's Ratings Services assigned its 'A' rating to Grand Terrace Community Redevelopment Agency, Calif.'s series 2011A and 2011B tax allocation bonds. At the same time, we affirmed our 'A' underlying rating (SPUR) on the agency's refunding tax allocation bonds, series 2004. The outlook is stable. The ratings reflect our view of the agency's: Participation in the growing Riverside- San Bernardino MSA; Maximum annual debt service (MADS) coverage of 1.47x on the series 2011A and 2011B bonds; Closed senior lien; Large project area by land area and primarily residential nature, which results in a diverse tax base; and Low volatility ratio of 0.18, which indicates pledged revenues are not very sensitive to overall assessed value (AV) changes. Partly offsetting...
Companies mentioned in this report are: Grand Terrace Comnty Redev Agy
Action: New Rating
Action: Outlook: Stable
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Grand Terrace Comnty Redev Agy