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Montebello Community Redevelopment Agency, CA, Ratings Removed From CreditWatch Negative Nov 11
Standard & Poors, November 2011
SAN FRANCISCO (Standard & Poor's) Nov. 16, 2011--Standard & Poor's Ratings Services removed its 'A-' long-term rating and underlying rating (SPUR) on Montebello Community Redevelopment Agency, Calif.'s senior-lien tax allocation bonds (TAB) and its 'BBB+' long-term rating and SPUR on the agency's subordinate-lien tax TABs series 2009A from CreditWatch with negative implications, where they had been placed on May 3, 2011, and affirmed the ratings. The outlook is stable. "We are removing the ratings from CreditWatch and reinstating our stable outlook due to the subordination of retroactive housing set-aside payments to the bonds," said Standard & Poor's credit analyst Alda Mostofi. "Furthermore, we have received confirmation that the agency made its Supplemental Education Revenue Augmentation Fund payments to the state...
Companies mentioned in this report are: Montebello Comnty Redev Agy
Action: Outlook: Stable
Action: Removed From CreditWatch
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.
Montebello Comnty Redev Agy