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Rating Lowered To 'A' On Richmond Joint Powers Finance Authority, CA's Series 2003A And B Bonds Oct 11
Standard & Poors, October 2011
SAN FRANCISCO (Standard & Poor's) Oct. 3, 2011--Standard & Poor's Ratings Services lowered its underlying rating (SPUR) to 'A' from 'A+' on Richmond Joint Powers Finance Authority, Calif.'s series 2003A (tax-exempt) and 2003B (taxable) tax allocation bonds, issued for the Richmond Community Redevelopment Agency (Post-2004 Limit Merged Project Area). The outlook is stable. "The rating was lowered due to assessed value (AV) declines in fiscals 2010 and 2011, which resulted in coverage dropping to what we consider a good level down from a level we view as strong," said Standard & Poor's credit analyst Kaitlyn Connors. "The rating also reflects our view of the project area's moderate volatility ratio, which suggests a heightened sensitivity in tax increment revenues due to...
Companies mentioned in this report are: Richmond Comnty Redev Agy,Richmond Jt Pwrs Fin Auth
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.
Research type: News
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Richmond Comnty Redev Agy,Richmond Jt Pwrs Fin Auth