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California Statewide Communities Development Authority's Tax & Rev Antic Bonds Rated 'SP-1+' May 01
Standard & Poors, May 2001
Abstract
NEW YORK (Standard & Poor's CreditWire) May 25, 2001--Standard & Poor's today assigned its 'SP-1'-plus rating to California Statewide Communities Development Authority's $260.525 million 2001 tax and revenue anticipation bonds series A due June 28, 2002. The bonds are scheduled to sell May 31, 2001. The rating reflects the overcollateralization of the bonds' par amount at a level of 10%, or $26 million, to address the possibility of debt service deficiencies in the 61 participating local agencies' individual TRAN repayment accounts. Standard & Poor's has determined that the 10% overcollateralization level is more than sufficient to cover any potential deficiencies among the participating borrowers. Standard & Poor's evaluated the participants' historical and projected financial and liquidity positions, including the strength...
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: 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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