Summary: Oxnard, California Oxnard Community Development Commission; Tax Increment Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'A' underlying rating (SPUR) on Oxnard Community Development Commission, Calif.'s series 2004A tax allocation refunding bonds. The outlook is stable. The rating reflects our view of: Strong coverage of maximum annual debt service (MADS) despite four consecutive years of assessed value (AV) declines, and An additional bonds test (ABT) that requires 1.50x coverage of MADS on total outstanding and additional debt. Partially offsetting these strengths is our view of: A small, primarily industrial taxing area, and A significant proportion of unsecured AV within the tax base. Securing the bonds is a first lien on tax increment revenues from the commission's merged Downtown Renewal and Central City Revitalization project areas net of a required...

Companies mentioned in this report are: Oxnard Comnty Dev Comm
Action: Affirmed

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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.

Oxnard Comnty Dev Comm

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