Summary: California Statewide Communities Development Authority Glenn County; Note May 10

Standard & Poors, May 2010

Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to California Statewide Communities Development Authority's series 2010A-2 tax and revenue anticipation notes (TRANs), issued for Glenn County, Calif. The rating reflects our opinion of the county's: Note structure, including an early set aside of note principal payments before maturity; and Good coverage of note principal based on the county's projected general fund cash position at maturity, combined with some flexibility provided by alternate liquidity in external funds. According to the note ordinance, the notes are a general obligation (GO) of the county, secured by a first lien and charge against the first unrestricted revenues received by the county. Current pro forma cash flows show note repayment set aside in...

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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