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 series 2007A and 2007B bonds. 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. In particular, the ratings reflect our view of: The underlying economy of Commerce, which is characterized by below-average incomes and sector concentration in commercial and industrial land use; A...

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

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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.

Commerce Comnty Dev Comm,Commerce Jt Pwrs Fing Auth

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