Summary: Pittsburg Redevelopment Agency, California; Tax Increment - S&P Credit Research

Summary: Pittsburg Redevelopment Agency, California; Tax Increment

478 words — Published Apr 21, 2009
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Abstract:

Standard&Poor's Ratings Services corrected and raised its rating on Pittsburg Redevelopment Agency, Calif.'s subordinate tax allocation bonds series 2004A to 'AA-/A-1+' from 'A/A-1'. The bonds are secured by a direct-pay letter of credit provided by State Street Bank and Trust (AA-/A-1+) as well as an Ambac Assurance Corp. (Ambac) bond insurance policy (A). On April 10, 2009, these bonds were assigned the current long-term rating of Ambac, along with a short-term rating that was capped at 'A-1'. However, since both State Street Bank and Ambac secure the debt, the long-term rating on the bonds should reflect the stronger of the two ratings (State Street Bank) and therefore the short-term portion of the rating should reflect the higher State

  
Brief Excerpt:

RESEARCH Ratings Definitions Summary: Pittsburg Redevelopment Agency, California; Tax Increment Publication date: 21-Apr-2009 Primary Credit Analyst: Chi W Tang, New York (1) 212-438-7989; chi_tang@standardandpoors.com Secondary Credit...

  
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Summary

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Financial Institutions, Global Issuers, Public Finance
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MLA:
S&P Credit Research. "Summary: Pittsburg Redevelopment Agency, California; Tax Increment" Apr 21, 2009. Alacra Store. Sep 17, 2014. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Pittsburg-Redevelopment-Agency-California-Tax-Increment-716934>
  
APA:
S&P Credit Research. (). Summary: Pittsburg Redevelopment Agency, California; Tax Increment Apr 21, 2009. New York, NY: Alacra Store. Retrieved Sep 17, 2014 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Pittsburg-Redevelopment-Agency-California-Tax-Increment-716934>
  
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