Summary: California Statewide Comntys Dev Auth; General Obligation, Local Note Jun 00

Standard & Poors, June 2000

Abstract
The rating on California Statewide Communities Development Authority/Riverside County's tax and revenue anticipation bonds reflects: Riverside County's strong general creditworthiness; A note structure that includes the early segregation of county TRAN repayment amounts; and Strong overall liquidity with projected net debt service coverage of more than 2.2 times (x), including available general fund resources and alternative cash resources at fiscal year-end June 30, 2001. The bonds are secured by revenues derived from the purchase of a like amount of TRANs issued by the county to address its fiscal 2001 seasonal cash flow needs. The TRANs are secured by taxes, income, revenue, and cash receipts attributable to fiscal 2001 and other legally available funds. The county has pledged to set aside...

Companies mentioned in this report are:
- California Statewide Communities Dev Auth

Action: New Rating

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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.

- California Statewide Communities Dev Auth

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