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

Standard & Poors, June 2011

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

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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.

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

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