Various Ratings Assigned To California Schools Cash Reserve Program Authority's 2011-2012 TRANs Feb 12
- Language: English
- Published: February 2012
- Region: California
Standard & Poor's Ratings Services assigned its 'SP-1+' rating to Calipatria Unified School District, Calif.'s $0.715 million 2011-2012 tax and revenue anticipation notes (TRANs). The rating reflects our view of the district's: Strong, 2.68x principal and interest coverage by available general and unrestricted cash at maturity, based on management's projections, and Alternative liquidity that would boost coverage to 2.73x. The district has pledged to the repayment of the notes unrestricted revenues. Under the note resolution, unrestricted revenues consist of taxes, income, revenue (including revenue from the state and federal government), cash, and other money that will be received by or accrue to the district's general fund for fiscal 2011-2012. The district also has agreed to set aside 55% and 45%...
Companies mentioned in this report are: Calipatria Unif Sch Dist
Action: New Rating
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