Summary: California School Cash Reserve Program Authority Corning Union Elementary School District; Note Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' rating to Corning Union Elementary School District, Calif.'s $1.05 million 2011-2012 tax and revenue anticipation notes (TRANs). The rating reflects our view of the district's: Strong, 1.52x 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 2.28x. 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...

Companies mentioned in this report are: Corning Un Elem Sch Dist
Action: New Rating

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Corning Un Elem Sch Dist

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