S&P Global Ratings assigned its'BBB+'long-term rating to the River Islands Public Financing Authority (PFA) Community Facilities District (CFD) No. 2023-2 improvement areas (IA) Nos. 1 and 2, California's estimated $24.3 million series 2026B local agency revenue bonds. The outlook is stable. The authority's revenue--including payments from local obligation special taxes levied on taxable parcels within two taxing jurisdictions, net of administrative expenses--secures the bonds. Special taxes are levied pursuant to California's Mello-Roos Community Facilities Act of 1982 and are not unlimited ad valorem property taxes, but the taxing jurisdiction collects these special taxes at the same time and in the same manner as municipalities collect property taxes. Each taxing jurisdiction is responsible for its own local obligation, and
