Rating On Cudahy Community Development Commission, CA's 2003A Bonds Lowered To 'BBB+' On Declining Coverage Mar 12
- Language: English
- Published: March 2012
Standard & Poor's Ratings Services assigned its 'A-' rating to Cudahy Community Development Commission, Calif.'s series 2011B bonds. At the same time, we affirmed our 'A-' rating on commission's series 2003C bonds. We also affirmed our 'A+' rating on the commission's series 2003B senior bonds. The outlook is stable. The ratings reflect our view of: A tax base that includes practically all of Cudahy, supported by the city's access to the broad and diverse Los Angeles economy; Maximum annual debt service (MADS) coverage of 1.35x on the subordinate-lien bonds and 2.4x on the senior-lien bonds; and A relatively diverse project area, with the 10 largest taxpayers making up only 18% of incremental assessed value (AV) in fiscal 2011. Partially offsetting...
Companies mentioned in this report are: Cudahy Comnty Dev Comm
Action: New Rating
Action: Outlook: Stable
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