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

Standard & Poors, May 2010

Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to Butte County, Calif.'s series 2010A-1 tax and revenue anticipation notes (TRANs) issued for the 2010-2011 fiscal year pursuant to the California Communities Tax and Revenue Anticipation Note Program sponsored by the California Statewide Communities Development Authority. The rating reflects our opinion of: The county's underlying general credit characteristics ('A' appropriation rating); Structural provisions that include early set-asides of pledged revenues in a segregated note repayment account; and County projections that show good coverage of debt service at each set-aside date and good 1.8x coverage at final maturity, or a very strong 4.8x including alternate liquidity sources. The notes are secured by unrestricted taxes, income, revenue, cash receipts, and other...

Companies mentioned in this report are:
- Butte 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.

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.

- Butte Cnty
- California Statewide Communities Dev Auth

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