California Statewide Communities Development Authority; Tax Secured, Note May 02

Published: May 2002
Standard & Poors

Abstract
The 'SP-1+' rating on California Statewide Communities Development Authority's tax and revenue anticipation bonds series 2002A and 2002B-1 reflects overcollateralization of the bonds' par amount at a level of 10% ($28.2 million) to address the possibility of debt service deficiencies in the 49 participating local agencies' individual TRAN repayment accounts securing the bonds. Standard & Poor's has determined that the 10% overcollateralization level is more than sufficient to cover any potential deficiencies among the participating borrowers in the series A and B-1 TRAN bond borrowings. Standard & Poor's evaluated the participants' historical and projected financial and liquidity positions, including the strength of their general funds and the availability of resources in other funds that could be temporarily borrowed to pay...

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- California Statewide Communities Dev Auth

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- California Statewide Communities Dev Auth

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