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'BBB+' And 'A' Ratings On San Jose Redevelopment Agency, CA's Senior Housing, Non-Housing TABs Placed On CreditWatch Neg Oct 11
Standard & Poors, Oct 2011
Abstract
SAN FRANCISCO (Standard & Poor's) Oct. 7, 2011-- Standard & Poor's Ratings Services affirmed and placed its 'BBB+' long-term and underlying rating (SPUR) on San Jose Redevelopment Agency, Calif.'s outstanding senior non-housing tax allocation bonds (TABs) on CreditWatch with negative implications. At the same time, Standard & Poor's affirmed and placed its 'A' long-term rating and SPUR on the agency's outstanding senior housing TABs on CreditWatch with negative implications. The CreditWatch placement reflects the fact that the agency is working with JPMorgan Chase Bank to explore financing options on a letter of credit (LOC) secured by subordinate non-housing tax increment revenues. Agency management indicates that the principal outstanding is $93.5 million plus approximately $2 million in interest. The expiration date...
Companies mentioned in this report are: San Jose Redev Agy
Action: On CreditWatch:Negative
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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