Standard & Poor's Ratings Services lowered its rating to 'A-' from 'A' on Richmond Community Redevelopment Agency, Calif.'s 2010A subordinate tax allocation refunding bonds, issued for the Merged Redevelopment Project Area (MRPA). Standard & Poor's also lowered its rating and underlying rating (SPUR) to 'A-' from 'A' on Richmond Joint Powers Financing Authority's (JPFA) series 2007B, 2004A, and 2004B bonds outstanding issued on behalf of the agency for the MRPA. The lowered ratings reflect recent assessed value (AV) declines that resulted in coverage dropping to a level we consider adequate (1.2x). The outlook on all bonds is stable. The rating also reflects our view of: The large decline in MRPA total AV during fiscals 2010 and 2011, mostly due to...
Companies mentioned in this report are: Richmond Comnty Redev Agy,Richmond Jt Pwrs Fin Auth
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