Summary: San Diego County Regional Transportation Commission, California; Sales Tax May 12

Standard & Poors, May 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' rating to the San Diego County Regional Transportation Commission, Calif.'s series 2012A sales tax revenue bonds. At the same time, Standard & Poor's affirmed its 'AAA' rating on the commission's sales tax bonds outstanding. The outlook is stable. The rating reflects our view of the commission's: Participation in the broad and deep San Diego County economy, which remains strong despite weak state and national economies; Diverse sales tax revenue base, combined with management's projection that collections will increase; Strong debt service coverage despite larger-than-historical declines in sales tax revenues in fiscal 2009 and fiscal 2010; and Strong additional bonds test (ABT) of 2.0x, which will be increased from 1.3x with the 2012A...

Companies mentioned in this report are: San Diego Cnty Regl Transp Com
Action: Affirmed
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.

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.

San Diego Cnty Regl Transp Com

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