• +353-1-415-1241(GMT OFFICE HOURS)
  • 1-800-526-8630(US/CAN TOLL FREE)
  • 1-917-300-0470(EST OFFICE HOURS)
Summary: Richmond Joint Powers Finance Authority, California Richmond Community Redevelopment Agency; Tax Increment Oct 11 Product Image

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

  • Published: October 2011
  • Region: California
  • Standard & Poors

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 READ MORE >

Richmond Comnty Redev Agy,Richmond Jt Pwrs Fin Auth

Note: Product cover images may vary from those shown

RELATED PRODUCTS