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Coalinga Public Financing Authority, CA's Revenue Bonds Assigned 'BBB' Rating Mar 12 Product Image

Coalinga Public Financing Authority, CA's Revenue Bonds Assigned 'BBB' Rating Mar 12

  • ID: 2082821
  • March 2012
  • Standard & Poors

Abstract
SAN FRANCISCO (Standard & Poor's) March 2, 2012--Standard & Poor's Ratings Services assigned its 'BBB' long-term rating to Coalinga Public Financing Authority, Calif.'s series 2012 revenue bonds (Water and Wastewater Refinancing Projects), issued for Coalinga. The outlook is stable. "The rating reflects our view of the credit quality of the weaker system, which we consider the water system based on recent insufficient debt service coverage levels, lower projected coverage, and customer position as a price-taker with complete reliance on imported water to meet potable water demand," said Standard & Poor's credit analyst Tim Tung. The bonds are being issued to restructure the authority's series 2000A revenue bonds and to finance capital improvements primarily related to the water system. RELATED CRITERIA...

Companies mentioned in this report are: Coalinga Pub Fin Auth
Action: New Rating
Action: Outlook: Stable

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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