Summary: California School Cash Reserve Program Authority, Sanger Unified School District; Note Feb 12
- ID: 2051944
- February 2012
- Region: California
- Standard & Poors
Standard & Poor's Ratings Services assigned its 'SP-1+' rating to Sanger Unified School District, Calif.'s $3.3 million 2011-2012 tax and revenue anticipation notes (TRANs). The rating reflects our view of the district's: Strong, 2.76x 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 4.09x. The district has pledged its unrestricted revenues to the repayment of the notes. Under the note resolution, unrestricted revenues include 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: Sanger Unif Sch Dist
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.
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.
SHOW LESS READ MORE >