Summary: Riverside Cnty, CA; Tax Secured, Note Jun 03

Standard & Poors, June 2003

Abstract
The 'SP-1+' rating on California Statewide Communities Development Authority's 2003-2004 TRANs, issued for Riverside County, reflects: Riverside County's strong general creditworthiness, with a long-term rating of AA-; A note structure that includes the early segregation of county TRAN repayment amounts; and Strong overall liquidity with projected net debt service coverage of 4.45x, which includes available general fund resources and alternative cash resources at fiscal year-end June 30, 2004. The county's notes are secured by taxes, income, revenue, and cash receipts attributable to fiscal 2004 and other legally available funds. The county has pledged to set aside amounts equal to 40% of TRAN principal in January 2004; 30% in May 2004; and the remaining 30% of principal plus interest by June...

Companies mentioned in this report are:
- Riverside Cnty
- California Statewide Communities Dev Auth

Action: New Rating

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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.

- Riverside Cnty
- California Statewide Communities Dev Auth

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