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California Statewide Communities Development Authority; Note Jun 06
Standard & Poors, June 2006
Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' rating to California Statewide Communities Development Authority's tax-exempt series 2006A-1 and taxable series 2006C TRANs based on the overcollateralization of the bonds' par amount at $24 million, or about 14% of the sum of the principal amounts of the series A-1 and C bonds, to address the possibility of debt service deficiencies in the 27 participating local agencies' individual TRAN repayment accounts securing the bonds. We have determined that the $24 million overcollateralization level is more than sufficient to cover any potential deficiencies among the participating borrowers in the series A-1 and C borrowings. We evaluated the pool participants' historical and projected financial and liquidity positions, including the strength of their general...
Companies mentioned in this report are: California Statewide Communities Dev Auth,San Bernardino Cnty,Tulare Cnty,Riverside Cnty,Fresno,Redlands,Stockton,Mendocino Cnty,Fullerton,Monterey Cnty,Butte Cnty
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
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