Riverside County, California; Tax Secured, Note May 02
Standard & Poors, May 2002
Abstract
The 'SP-1+' rating on California Statewide Communities Development Authority/Riverside County's TRANs 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 3.22 times (x), that includes available general fund resources and alternative cash resources at fiscal year-end June 30, 2003. The county's notes are secured by taxes, income, revenue, and cash receipts attributable to fiscal 2003 and other legally available funds. The county has pledged to set aside amounts equal to 40% of TRAN principal in January 2003; 30% in May 2003; and the remaining 30% of principal plus interest by July 31, 2003. While projected debt service coverage from...
Companies mentioned in this report are:
- Riverside Cnty
- California Statewide Communities Dev Auth
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Riverside Cnty
- California Statewide Communities Dev Auth
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