Rating On Coalinga Redevelopment Agency, CA Lowered To Two Notches, To 'BBB', Based On Successor Agency Revenues Mar 13
- Language: English
- Published: March 2013
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
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Coalinga Pub Fin Auth