Summary: California Infrastructure and Economic Development Bank Orange County Performing Arts Center; Non-Profit Organizations Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services revised the outlook to negative from stable on Orange County Performing Arts Center (OCPAC; doing business as Segerstrom Center for the Arts, or SCA), Calif.'s 'A' issuer credit rating (ICR). The negative outlook reflects our view that while some aspects of the center's operations have improved over the last year, this improvement is offset by the center's slow progress in fundraising and what we feel is significant risk with the center's debt structure, including renewal risk within the next six months as letters of credit expire. In addition, we assigned our 'A' rating to California Infrastructure and Economic Development Bank's series 2011 bonds issued for OCPAC. The outlook is negative. The ratings reflect our view...

Companies mentioned in this report are: Orange Cnty Performing Arts Ctr,California Infrastructure & Econ Dev Bnk
Action: Affirmed
Action: New Rating
Action: Outlook: Negative

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.

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.

Orange Cnty Performing Arts Ctr,California Infrastructure & Econ Dev Bnk

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