Pacifica, CA POB And COP Ratings Raised To 'AA-' On Improved Budgetary Performance

SAN FRANCISCO (S&P Global Ratings) July 26, 2016--S&P Global Ratings raised its underlying rating (SPUR) to 'AA-' from 'A-' on Pacifica, Calif.'s existing taxable pension obligation bonds (POBs) and certificates of participation (COPs). At the same time, S&P Global Ratings assigned its 'AA-' long-term rating to the city's series 2016 refunding COPs. The outlook is stable. "The raised rating reflects our view of the city's improved budgetary performance and flexibility," said S&P Global Ratings credit analyst Kaiti Wang. The series 2016 COPs represent an interest in lease payments made by the city to the Pacifica Financing Authority, for the use of its facilities, including the police station building and Fairmont West Park. Pacifica, with a population of 38,900, is located

...SAN FRANCISCO (S&P Global Ratings) July 26, 2016--S&P Global Ratings raised its underlying rating (SPUR) to '##-' from 'A-' on Pacifica, Calif.'s existing taxable pension obligation bonds (POBs) and certificates of participation (COPs). At the same time, S&P Global Ratings assigned its '##-' long-term rating to the city's series 2016 refunding COPs. The outlook is stable. "The raised rating reflects our view of the city's improved budgetary performance and flexibility," said S&P Global Ratings credit analyst Kaiti Wang. The series 2016 COPs represent an interest in lease payments made by the city to the Pacifica Financing Authority, for the use of its facilities, including the police station building and Fairmont West Park. Pacifica, with a population of 38,900, is located 10 miles south of San Francisco along the California coast. It boasts a 6-mile stretch of coastline with beaches and bluffs, and hills further inland overlooking such views. Although the city is primarily residential,...

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