Summary: Richmond Joint Powers Finance Authority, California Richmond Community Redevelopment Agency; Tax Increment Oct 11
- ID: 1928470
- October 2011
- Region: California
- Standard & Poors
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 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. The outlook is stable. The rating also reflects our view of the project area's moderate volatility ratio of 0.24, suggesting a heightened sensitivity in tax increment revenues due to potential fluctuations in overall AV. In our opinion, the above weakening credit factors are...
Companies mentioned in this report are: Richmond Comnty Redev Agy,Richmond Jt Pwrs Fin Auth
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