Summary: Riverside County Redevelopment Agency, California; Tax Increment Oct 11
- ID: 1930179
- October 2011
- Region: California
- Standard & Poors
Standard & Poor's Ratings Services affirmed its 'A-' long-term rating, with a stable outlook, on Riverside County Redevelopment Agency, Calif.'s Interstate 215 Corridor Redevelopment Project Area (I-215) series 2010E tax allocation bonds (TABs). Standard & Poor's also affirmed its 'BBB+' rating on the agency's second-lien series 2011E TABs, issued for the I-215 project area. We base the ratings on the project area on what we view as: The stabilization of fiscal 2012 assessed value (AV) trends; Good 1.57x senior maximum annual debt service (MADS) coverage and 1.42x MADS coverage by the fiscal 2012 tax base; An effective additional bonds test (ABT) for second-lien debt, which is stronger than the stated 1.25x ABT due to a requirement that excludes a portion...
Companies mentioned in this report are:
- Riverside Cnty Redev Agy
- Riverside Cnty Pub Fing Auth
Action: Outlook: Stable
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