Home Credit Ratings and Research S&P Global Ratings’ Credit Research Redlands

Redlands, California Redlands Financing Authority; Utility, Water/Sewer

Published Nov 18, 2003

1350 words — Published Nov 18, 2003

Price US$ 500.00 | Buy this Report Now

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Abstract:

Standard&Poor's Ratings Services removed from CreditWatch and lowered the rating on Redlands Financing Authority, Calif.'s wastewater revenue bonds, issued for the City of Redlands, to 'BBB+' from 'A-' based on technical default of a bond covenant. The outlook has been revised to stable. Unaudited fiscal 2003 results indicate debt service coverage of just 0.77x when removing connection fees, down from 1.09x in 2002 and well below the second part of the authority's coverage test of 1.0x coverage per the installment sale agreement. Further credit deterioration could occur should pledged revenues net of connection fees fail to provide coverage levels consistent with or better than levels required by bond covenants. Coverage including connection fees remains strong at 2.19x in

Brief Excerpt:

RESEARCH Redlands, California Redlands Financing Authority; Utility, Water/Sewer Publication date: 18-Nov-2003 Credit Profile DOWNGRADED, OFF CREDITWATCH To From Redlands, California Redlands Fing Auth, California $17.770 mil. Redlands...

Report Type:

Full Report

Issuer

Redlands

Sector

Global Issuers, Public Finance

Country

United States

Region

United States

Format:

HTML

Summary: Redlands, CA; Utility, Water/Sewer – 2003/11/19 – US$ 225.00

Summary: Redlands, CA; Appropriation, Appropriations; Tax Secured, General Obligation – 2005/11/16 – US$ 225.00

Redlands, CA's Wastewater Bond Rating Bumped To 'A-' On Revised Debt Service Coverage Levels – 2005/12/09 – US$ 150.00

Summary: Redlands, CA; Utility, Water/Sewer – 2005/12/09 – US$ 225.00

City of Redlands Wastewater Revenue Bonds Off CreditWatch, Rating to 'BBB+'; Outlook Stable – 2003/11/18 – US$ 150.00

City of Redlands, CA's Water Revenue Bonds Off CreditWatch; 'A-' Rating Affirmed – 2003/11/18 – US$ 150.00

Redlands, California Redlands Financing Authority; Utility, Water/Sewer – 2003/11/18 – US$ 500.00

Summary: Redlands, CA; Tax Secured, General Obligation – 2003/10/21 – US$ 225.00

Summary: Redlands, CA; Appropriation, Appropriation – 2003/05/23 – US$ 225.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Redlands, California Redlands Financing Authority; Utility, Water/Sewer" Nov 18, 2003. Alacra Store. May 18, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Redlands-California-Redlands-Financing-Authority-Utility-Water-Sewer-345263>

APA:	S&P Global Ratings’ Credit Research. (). Redlands, California Redlands Financing Authority; Utility, Water/Sewer Nov 18, 2003. New York, NY: Alacra Store. Retrieved May 18, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Redlands-California-Redlands-Financing-Authority-Utility-Water-Sewer-345263>

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