Summary: Various California Redevelopment Agency TABs Removed From CreditWatch; Tax Increment Nov 12
- Language: English
- Published: November 2012
- Region: California
Standard & Poor's Ratings Services assigned its 'A-' long-term rating, and stable outlook, to Riverside County Redevelopment Agency, Calif.'s Jurupa Valley Redevelopment Project Area (JVPA) series 2011B and 2011B-T tax-allocation bonds (TABs). At the same time, Standard & Poor's affirmed its 'A-' rating on the JVPA's existing series 2010 TABs. The rating reflects what we view as: A very large, primarily industrial and residential project area with moderate taxpayer concentration; Adequate 1.27x coverage of maximum annual debt service (MADS) and a satisfactory 1.25x additional bonds test (ABT); and A moderate base-to-total assessed value (AV) revenue volatility ratio. These strengths are partially offset, in our opinion, by recent declines in AV, after a period of strong growth. The bonds are secured...
Companies mentioned in this report are: Riverside Cnty Redev Agy
Action: New Rating
Action: Outlook: Stable
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Riverside Cnty Redev Agy