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California Statewide Communities Development Authority Series 2005A Taxable Revenue Bond SPUR Raised To 'A'; Otlk Stable May 10
Standard & Poors, May 2010
Abstract
SAN FRANCISCO (Standard & Poor's) May 10, 2010--Standard & Poor's Ratings Services raised its underlying rating (SPUR) to 'A' from 'A-' on the California Statewide Communities Development Authority's taxable revenue bonds (California Redevelopment Agency/Education Revenue Augmentation Fund, or CRA/ERAF, Loan Program) series 2005A. 'The rating reflects our view of the credit quality of the City of Chula Vista, the city with the lowest credit quality among the eight cities whose property taxes would be intercepted in the event that a redevelopment agency does not repay its loan,' said Standard & Poor's credit analyst Ian Carroll. 'The rating also reflects our view of the strong debt service coverage by interceptable property taxes for each loan.' The series 2005A bonds are secured...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: Outlook: Stable
Action: Upgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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