Summary: Cudahy Community Development Commission, California; Tax Increment Jun 11

Standard & Poors, June 2011

Abstract
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: Affirmed
Action: Downgraded
Action: New Rating
Action: Outlook: Stable

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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.

Cudahy Comnty Dev Comm

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