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California Statewide Communities Development Authority; Note Jun 08
Standard & Poors, June 2008
Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' rating to California Statewide Communities Development Authority's tax-exempt series 2008A-1 tax and revenue anticipation notes (TRANs) based on the overcollateralization of the bonds' par amount at $41.0 million, or 15% of the principal amount of the series A-1 bonds, to address the possibility of debt service deficiencies in the 25 participating local agencies' individual TRAN repayment accounts securing the bonds. We have determined that the $41.0 million overcollateralization level is sufficient to cover any potential deficiencies among the participating borrowers in the series A-1 borrowings. We evaluated the pool participants' historical and projected financial and liquidity positions, including the strength of their general funds and the availability of resources in other funds...
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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