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Rating On Del Norte County, CA's Certificates Lowered Three Notches To 'BBB' On Loss Of State Program Backing Dec 11 Product Image

Rating On Del Norte County, CA's Certificates Lowered Three Notches To 'BBB' On Loss Of State Program Backing Dec 11

  • ID: 2034899
  • December 2011
  • Standard & Poors

Abstract
SAN FRANCISCO (Standard & Poor's) Dec. 23, 2011--Standard & Poor's Ratings Services lowered its underlying rating (SPUR) on Del Norte County, Calif.'s 1999 certificates of participation (COPs) outstanding to-'BBB' from-'A'. The outlook is stable. "The rating change reflects Standard & Poor's withdrawal of its rating on California's motor vehicle license fee (MVLF) program, including the county's series 1999 COPs," said Standard & Poor's credit analyst Li Yang. "In addition, the rating change reflects the creditworthiness of the county's lease payments under its COPs, specifically the lack of structural balance in the county's budget," added Mr. Yang. Previously, the MVLF program rating reflected the county's election to include the series 1999 COPs in this program at the time of issuance. The...

Companies mentioned in this report are: Del Norte Cnty
Action: Downgraded

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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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