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California School Cash Reserve Program Authority; Note Jun 11
Standard & Poors, June 2011
Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to California School Cash Reserve Program Authority's series A, B, C, D, E, F, G , N, and O bonds and its 'SP-1' rating to the authority's series J, K, L, and M bonds. The ratings are based on our opinion of the credit strength of each pool participant's tax and revenue anticipation note (TRAN). The rating further reflects our opinion of: Good to very strong principal and interest coverage at maturity for each participating district's TRAN at maturity, and The districts' projection of sources of alternate liquidity in most cases, which boosts good to strong coverage to levels that we consider very strong. The authority is issuing the bonds...
Action: New Rating
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.
Research Type: Full Analysis
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