...Fitch Ratings has assigned a 'AA+' rating to the $456.35 million series 2026 B lease revenue bonds (LRBs) issued through the Santa Clara County Financing Authority. Proceeds will be used to finance a variety of capital projects and seismic improvements at several of the county's medical facilities. The LRB rating is one notch below the county's 'AAA' IDR, due to the slightly higher optionality associated with the lease payments subject to appropriation. The county's 'AAA' IDR and GO rating reflect its overall strong economic and demographic strengths. The ratings reflect the county's 'aa' Financial Resilience assessment, which reflects a 'Midrange' level of budgetary flexibility and an expectation that available reserves will be maintained at or above 17.5% of spending. The rating also reflects the county's 'Weak' long-term liability burden, which is offset by its strong demographic and economic level profile. The rating also reflects the application of two one-notch positive Additional...
