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Summary: Alameda Contra Costa Transit District, California; Appropriations Dec 11
Standard & Poors, December 2011
Standard & Poor's Ratings Services affirmed its 'A+' long-term rating and underlying rating (SPUR) on Alameda Contra Costa Transit District, Calif.'s certificates of participation (COPs) outstanding. The outlook is stable. The ratings reflect our view of: The long-term creditworthiness of the district, and A covenant to budget and appropriate pledged lease payments, subject to abatement in the event of damage to or the destruction of the leased assets that would impair their beneficial use. The COPs are secured under indentures whereby pledged lease revenues, which match debt service payments, are subject to abatement. The leases requires 24 months of rental interruption insurance to cover possible periods before recovery of casualty insurance proceeds. Under "triple net" lease provisions, the district is...
Companies mentioned in this report are: Alameda Contra Costa Transit Dist
Action: Outlook: Stable
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Alameda Contra Costa Transit Dist