California School Cash Reserve Program Authority; Tax Secured, Note May 04

Standard & Poors, May 2004

Abstract
The 'SP-1+' rating on California School Cash Reserve Program Authority's 2004 pool bonds series A reflects the overcollateralization of the pool bonds' par amount at approximately a 10% level to address the possibility of debt service deficiencies in the participants' individual TRAN repayment accounts. Standard & Poor's Ratings Services evaluated historical and projected financial and liquidity information provided for each issuer, including the strength of their general funds. Standard & Poor's has determined that the 10% overcollateralization level is more than sufficient to cover any potential deficiencies. If the participants have not made sufficient funds available to the trustee to pay the pool bonds at maturity, approximately $92.5 million of deficiencies would be funded by an Ambac Assurance Corp. insurance...

Companies mentioned in this report are:
- California Sch Cash Resv Prog Auth
- San Bernardino
- Santa Barbara
- Tulare Cnty
- Riverside
- Fresno
- Santa Clara
- Solano Cnty
- Kern Cnty
- San Mateo
- Stanislaus Cnty
- Placer Cnty
- Sonoma
- Madera
- Imperial

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: Full Analysis

- California Sch Cash Resv Prog Auth
- San Bernardino
- Santa Barbara
- Tulare Cnty
- Riverside
- Fresno
- Santa Clara
- Solano Cnty
- Kern Cnty
- San Mateo
- Stanislaus Cnty
- Placer Cnty
- Sonoma
- Madera
- Imperial

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