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

Standard & Poors, May 2009

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

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- Tulare Cnty
- California Statewide Communities Dev Auth

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