Standard & Poor's Ratings Services affirmed its 'BBB+' rating, with a stable outlook, on Poway Unified School District Community Facilities District No. 6, Calif.'s special tax bonds. The rating reflects our view of the district's: Direct and overlapping value-to-lien ratio of 13 to 1; High maximum special tax rate of $2,874 on developed detached units; and Adequate additional bonds test of 1.1x, although the district has projected coverage greater than that level. Partially tempering the above factors are the district's: Largely developed property tax base that is entirely residential; Very diverse taxpayer base; and Coverage of 1.15x annual debt service based on fiscal 2011, and projected to increase to 1.25x starting in fiscal 2012. The bonds are secured by special...
Companies mentioned in this report are:
- Poway Unif Sch Dist Comnty Fac Dist #6
Action: Outlook: Stable
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