Summary: Riverside Public Financing Authority, California Riverside Redevelopment Agency; Tax Increment Mar 14
- Language: English
- Published: March 2014
- 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
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.
SHOW LESS READ MORE >
Riverside Cnty Redev Agy