Standard & Poor's Ratings Services lowered its underlying rating (SPUR) on Riverside County Redevelopment Agency (RDA), Calif.'s series 2006A tax allocation revenue bonds, issued for the (RDA) to 'BBB' from 'BBB+'. The outlook is stable. We base the downgrade on the declining assessed valuation (AV) and maximum annual debt service (MADS) coverage of the Desert Communities project area (DCPA). The 2006A bonds are secured by tax increment revenues from three separate project areas of the RDA, net of the 20% set-aside requirements for low- and moderate-income housing and tax increment "passed-through" to underlying taxing entities pursuant to separate tax-sharing agreements: the Jurupa Valley (JVPA) project area, the DCPA, and the Interstate-215 (I-215) project area. The pledged revenue from the I-215...
Companies mentioned in this report are:
- Riverside Cnty Redev Agy
Action: Outlook: Stable
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