Rating Lowered To 'A' On Richmond Joint Powers Finance Authority, CA's Series 2003A And B Bonds Oct 11

Standard & Poors, October 2011

Abstract
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
Action: Downgraded

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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Richmond Comnty Redev Agy,Richmond Jt Pwrs Fin Auth

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