Summary: Richmond Joint Powers Finance Authority, California Richmond Community Redevelopment Agency; Tax Increment Oct 11

Standard & Poors, October 2011

Abstract
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
Action: Downgraded

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.

Richmond Comnty Redev Agy,Richmond Jt Pwrs Fin Auth

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