Palmdale School District Community Facilities District 90-1, CA's Special Tax Bonds Rated 'BBB' Jun 11
- ID: 1828451
- June 2011
- Standard & Poors
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
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