Summary: Buttonwillow Recreation & Park District, California; General Obligation Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'A' rating on Buttonwillow Recreation & Park District, Calif.'s series 2008 (election of 2008) general obligation (GO) bonds. The credit strengths include the district, in our view, include its: Recent history of maintaining an extremely strong general fund position relative to expenditures; Expenditure flexibility due to the discretionary nature of the district's services; and Low debt burden relative to market value. Constraining credit quality is a heavily concentrated taxpayer base, including a single taxpayer that comprises more than three-quarters of the district's $4.3 billion in total assessed value (AV) in fiscal 2012, with the value deriving from volatile oil and gas AV. AV grew by nearly 9% from $4.6 billion in 2009 to...

Companies mentioned in this report are: Buttonwillow Recre & Park Dist
Action: Affirmed
Action: Outlook: Stable

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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.

Buttonwillow Recre & Park Dist

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