SPURs On Various California RDA Succesor Agencies' TABs Removed From CreditWatch Because Of Sufficient Cash Dec 12
- Language: English
- Published: December 2012
- Region: California
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
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.
SHOW LESS READ MORE >
Richmond Comnty Redev Agy,Richmond Jt Pwrs Fin Auth