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Summary: California Statewide Communities Development Authority Tulare County; Note May 09 Product Image

Summary: California Statewide Communities Development Authority Tulare County; Note May 09

  • ID: 1869864
  • May 2009
  • Region: California
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services has assigned its 'SP-1+' rating to the California Statewide Communities Development Authority's series 2009 A-5 tax and revenue anticipation notes (TRANs), issued on behalf of Tulare County, Calif. The rating reflects our view of the county's: Note structure, which includes the early set-aside of TRAN repayment amounts; Adequate debt service coverage (DSC) at maturity by the projected general fund cash balance, with DSC of 1.39x; and Significant cash resources available for debt service payments and boost DSC at maturity to what we view as a strong 3.64x. Taxes, revenues, and other unrestricted money that the county expects to receive that are attributable to fiscal 2010 secure the notes. The notes will fund seasonal cash deficits...

Companies mentioned in this report are:
- Tulare Cnty
- California Statewide Communities Dev Auth

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 READ MORE >

- Tulare Cnty
- California Statewide Communities Dev Auth

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