Summary: California School Cash Reserve Program Authority Capistrano Unified School District; Note Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' rating to Capistrano Unified School District, Calif.'s $12.5 million 2011-2012 tax and revenue anticipation notes (TRANs). The rating reflects our view of the district's strong, 5.94x principal and interest coverage by available general and unrestricted cash at maturity, based on management's projections. 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% of principal on July 31, 2012 and Aug. 31,...

Companies mentioned in this report are: Capistrano Unif Sch Dist
Action: New Rating

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Capistrano Unif Sch Dist

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