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California Schools Cash Reserve Program Authority; Note Feb 12
Standard & Poors, Feb 2012
Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to California Schools Cash Reserve Program Authority's series P, Q, R, S, T, U, V, W, Y, and Z bonds and its 'SP-2' rating to the authority's series X bonds. The ratings are based on our opinion of the credit strength of each pool participant's tax and revenue anticipation note (TRAN) and a TRAN structure that requires two set-asides payments with a trustee in advance of the bonds maturity date. The ratings on the series P, Q, R, S, T, U, V, W, Y, and Z bonds further reflects our opinion of the TRAN participants': Good to very strong principal and interest coverage at maturity for each participating district's TRAN...
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: Full Analysis
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