Summary: Commerce Joint Powers Financing Authority, California Commerce Community Development Commission; Tax Increment Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services revised the outlook to negative from stable on Commerce Community Development Commission, Calif.'s tax-exempt revenue bonds, series 2003A, 2003B, and 2003C. At the same time, Standard & Poor's affirmed its 'BBB' long-term rating and underlying rating (SPUR) on the bonds. We revised the outlook to negative pending the commission's ability to execute a clearly defined plan that outlines its ability to support the alternative voluntary redevelopment program payments and project area no. 1's housing set-aside requirement while remaining within 105% of project area no. 1's remaining tax increment limit. The ratings reflect our view of: The underlying economy of Commerce, which has below-average incomes and concentration in warehousing and distribution; The weakest project area, which...

Companies mentioned in this report are: Commerce Comnty Dev Comm,Commerce Jt Pwrs Fing Auth
Action: Affirmed
Action: Outlook: Negative

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Commerce Comnty Dev Comm,Commerce Jt Pwrs Fing Auth

Customers who bought this item also bought

• World Digital Economy - E-Government, E-Health and E-Education Transforming Services
• Community Housing Services World Report
• Community Food Services World Report
• Community Food & Housing/Emergency & Relief Service Lines World Report
• Community Food Service Lines World Report
• Community Housing Service Lines World Report
• Community Housing Services Miscellaneous Lines World Report
• Privatizing Governmental Functions.
• Civic & Social Organizations World Report
• Redesigning the Public Library Building