Summary: California School Cash Reserve Program Authority, Tulare County Board Of Education; Note Feb 12
- Language: English
- Published: February 2012
- Region: California
Standard & Poor's Ratings Services has assigned its 'SP-1+' rating to Tulare County, Calif.'s series 2011-2012 tax and revenue anticipation notes (TRANs). The rating reflects our view of the county's: Note structure, which includes the early set-aside of TRAN repayment amounts; Very strong debt service coverage (DSC) at June 30, 2012 by the projected general fund cash balance, with DSC of 2.59x; and Significant cash resources available for debt service payments and that boost DSC at maturity to 5.17x, which we view as very strong. Taxes, revenues, and other unrestricted money that the county expects to receive that are attributable to fiscal 2012 secure the notes. The notes will fund seasonal cash deficits during that year. The county invests its...
Companies mentioned in this report are: Tulare Cnty
Action: New Rating
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