Summary: Stockton Public Financing Authority, California; Tax Increment Oct 11

Standard & Poors, October 2011

Abstract
Standard & Poor's Ratings Services lowered its underlying rating (SPUR) to 'B' from 'BB' on the Stockton Public Financing Authority, Calif.'s series 2006A and 2006B revenue bonds, issued on behalf of the Stockton Redevelopment Agency. In addition, Standard & Poor's lowered its long-term rating to 'BB-' from 'BB' on the bonds. The outlook on all ratings is negative. The SPUR action reflects our view of continuing assessed valuation (AV) declines related to adverse regional real estate market conditions that we calculate will reduce coverage of maximum annual debt service (MADS) to 0.36x in fiscal 2012 in one of the three obligations that support series 2009A and 2009B debt service. The long-term rating action reflects our view of credit support provided...

Companies mentioned in this report are: Stockton Pub Fincg Auth
Action: Downgraded
Action: Outlook: Negative

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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.

Stockton Pub Fincg Auth

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