Summary: Lincoln Public Financing Authority, California Lincoln; Appropriations Jun 10

Standard & Poors, June 2010

Abstract
Standard & Poor's Ratings Services affirmed its 'A' rating and underlying rating on the Lincoln Public Financing Authority, Calif.'s outstanding lease revenue bonds, issued for the City of Lincoln. The rating reflects our view of the general creditworthiness of Lincoln as the lessee, and Lincoln's covenant to budget and appropriate lease payments. In particular, the rating reflects our view of the city's: Continued participation in the stable local economies of the Sacramento and Placer County metropolitan statistical areas; Consistently very strong reserve levels, with fiscal 2009 showing an unreserved fund balance of $2.5 million, or 16% of expenditures; and Extremely strong market value per capita. Partially offsetting factors is our view of a high overall debt level per capita, a...

Companies mentioned in this report are: Lincoln,Lincoln Pub Fincg Auth
Action: Affirmed
Action: Outlook: Stable

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.

Lincoln,Lincoln Pub Fincg Auth

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