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Palmdale School District Community Facilities District 90-1, CA's Special Tax Bonds Rated 'BBB' Jun 11 Product Image

Palmdale School District Community Facilities District 90-1, CA's Special Tax Bonds Rated 'BBB' Jun 11

  • ID: 1828451
  • June 2011
  • Standard & Poors

Abstract
SAN FRANCISCO (Standard & Poor's) June 15, 2011-- Standard & Poor's Ratings Services assigned its 'BBB' long-term rating to the Palmdale School District Community Facilities District 90-1, Calif's series 2011A Qualified School Construction Bonds (QSCB), and series 2011B taxable and series 2011C tax-exempt special tax bonds issued for Palmdale School District. The outlook is stable. The rating reflects our view of the district's: Moderately low direct and overlapping assessed value (AV) to lien ratio of 14.7 to 1; AV declines for the past two consecutive years, despite the district's growth in taxable parcels. Large historical levels of special tax delinquencies; and Debt service reserve funded with surety bonds. Our view of these credit weaknesses is partially strengthened by our view...

Companies mentioned in this report are: Palmdale Sch Dist Comnty Fac Dist 90-1,Palmdale Sch Dist
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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Palmdale Sch Dist Comnty Fac Dist 90-1,Palmdale Sch Dist

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