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California Statewide Communities Development Authority; Tax Secured, Note Jun 05
Standard & Poors, June 2005
Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' rating to California Statewide Communities Development Authority's tax and revenue anticipation bonds, series 2005 A-1 (tax-exempt) and C-1 (taxable), reflecting the overcollateralization of the bonds' par amount at a level of $23.035 million, or about 13.7% of the sum of the principal amounts of the series A-1 and C-1 bonds, to address the possibility of debt service deficiencies in the 28 participating local agencies' individual tax and revenue anticipation note (TRAN) repayment accounts securing the bonds. Standard & Poor's has determined that the $23.035 million overcollateralization level is more than sufficient to cover any potential deficiencies among the participating borrowers in the series A-1 and C-1 borrowings. We evaluated the participants' historical...
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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