Summary: San Ramon, California; Appropriations; General Obligation Jun 11

Standard & Poors, June 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating to San Ramon, Calif.'s refunding certificates of participation (COPs) series 2011. At the same time, Standard & Poor's affirmed its 'AA+' long-term rating on the city's pension obligation bonds, its 'AA+' underlying rating (SPUR) on the city's COPs series 2001, and its 'AAA' long-term rating on the city's issuer credit rating (ICR). The outlook is stable. The COPs ratings reflect our view of: The city's general credit-worthiness ('AAA' ICR); and Pledged lease revenues subject to abatement in the event of damage, destruction, or impairment of the leased assets. The 'AAA' ICR reflects our view of the city's: Very strong underlying economy with full participation in the greater San Francisco Bay...

Companies mentioned in this report are: San Ramon
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

San Ramon

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