California Statewide Communities Development Authority California; General Obligation Equivalent Security - 2009/11/03 - S&P Credit Research

Report title: California Statewide Communities Development Authority California; General Obligation Equivalent Security

from S&P Credit Research
2768 word report published Nov 03, 2009

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Abstract:

Standard&Poor's Ratings Services assigned its 'A' long-term rating to the California Statewide Communities Development Authority (CSCDA) $1.5 billion (estimated) in series 2009 revenue bonds issued for the State of California's Proposition 1A receivables program. The bonds are being issued pursuant to Proposition 1A, a voter-approved constitutional amendment, and to two statutes adopted by the state legislature and enacted into law in July and October 2009. Serving as the pledged source of repayment on the bonds is the state's obligation, as provided for under Proposition 1A of the state constitution, to repay with interest its borrowing from local agencies of property tax revenues that normally are apportioned to the local agencies in the state. These borrowings, which are allowed

Brief Excerpt:

RESEARCH Ratings Definitions California Statewide Communities Development Authority California; General Obligation Equivalent Security Publication date: 03-Nov-2009 Primary Credit Analyst: Gabriel Petek, CFA, San Francisco (1) 415-371-5042;...

Report Type:

Full Report

Issuer:

California

Sector:

Global Issuers, Public Finance, Structured Finance

Country:

United States

Region:

United States

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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