Summary: Various California Redevelopment Agency TABs Removed From CreditWatch; Tax Increment Nov 12
- Language: English
- Published: November 2012
- Region: California
Standard & Poor's Ratings Services has affirmed its 'BBB+' rating on Riverside County Redevelopment Agency, Calif.'s Mid-County Redevelopment Project Area (MCPA) 2010 tax allocation bonds (TABs) series C. The outlook is stable. The rating on the TABs reflects what we view as: Declines in the project area assessed value (AV) in the past couple of years that have reduced coverage; Taxpayer concentration within the top taxpayer; and Only adequate 1.22x coverage of maximum annual debt service (MADS). We believe the following factors mitigate these weaknesses somewhat: A large project area balanced between commercial and residential aAV; and A moderate tax volatility ratio of 0.19. Securing the bonds is first-lien tax increment revenue from MCPA, net of the 20% set-aside requirement...
Companies mentioned in this report are: Riverside Cnty Redev Agy
Action: Outlook: Stable
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Riverside Cnty Redev Agy