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California Statewide Communities Development Authority's Bonds Rated 'A-' Apr 05
Standard & Poors, April 2005
Abstract
NEW YORK (Standard & Poor's) April 8, 2005--Standard & Poor's Ratings Services assigned its 'A-' rating to California Statewide Communities Development Authority's taxable revenue bonds (CRA/ERAF Loan Program) series 2005A based on the lowest credit quality of the eight cities whose property taxes would be intercepted in the event a redevelopment agency does not repay its loan, along with strong debt service coverage by interceptable property taxes for each loan. Currently, the rating on the bonds reflects the credit quality of the city of Paramount. The bonds are secured by repayments from eight redevelopment agencies on a several basis. The obligation of the redevelopment agencies to repay their loans is subordinate to any of their existing tax allocation bond debt....
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: New Rating
Action: Outlook: Stable
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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