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California Statewide Communities Development Authority; Tax Secured, Note Jun 04
Standard & Poors, June 2004
Abstract
The 'SP-1+' rating on California Statewide Communities Development Authority's tax and revenue anticipation bonds, series 2004 A-1, B-1 (tax-exempt), and C-1 (taxable), reflects the overcollateralization of the bonds' par amount at a level of $31.27 million, or about 10% of the sum of the principal amounts of the series A-1, B-1 and C-1 bonds, to address the possibility of debt service deficiencies in the 42 participating local agencies' individual TRAN repayment accounts securing the bonds. Standard & Poor's Ratings Services has determined that the $31.27 million overcollateralization level is more than sufficient to cover any potential deficiencies among the participating borrowers in the series A-1, B-1, and C-1 borrowings. Standard & Poor's evaluated the participants' historical and projected financial and...
Companies mentioned in this report are: 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
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