Rating Lowered To 'A' On Richmond Joint Powers Finance Authority, CA's Series 2003A And B Bonds Oct 11
- Language: English
- Published: October 2011
Standard & Poor's Ratings Services lowered its underlying rating (SPUR) to 'A' from 'A+' on Richmond Joint Powers Finance Authority, Calif.'s series 2000 tax allocation revenue bonds (Pre-2004 Limit Merged Project Redevelopment Area), series A and B, issued for the Richmond Community Redevelopment Agency. The rating was lowered due to assessed value (AV) declines in fiscals 2009 through 2011, which resulted in coverage dropping to what we consider a good level down from a level we view as strong. The outlook is stable. The rating also reflects our view of: The small size of the project area, which increases the likelihood of AV volatility, and Moderate taxpayer concentration although we recognize that taxpayer concentration has been decreasing in recent years....
Companies mentioned in this report are: Richmond Comnty Redev Agy,Richmond Jt Pwrs Fin Auth
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Richmond Comnty Redev Agy,Richmond Jt Pwrs Fin Auth