S&P Global Ratings raised its underlying rating (SPUR) on the Successor Agency (SA) to the Redevelopment Agency of the City of San Bernardino , California's tax-allocation refunding bonds (TARBs) outstanding to ‘AA’ from ‘A+’. The outlook is stable. The rating action reflects our view of the project area's ongoing growth in incremental assessed value (AV) that, combined with a decline in debt service because the majority of parity bonds matured in 2026, has resulted in notably strengthened maximum annual debt service (MADS) coverage that we expect the agency will sustain. The series 2021A bonds are secured by a second lien on tax increment revenue, including the former 20% set-aside required by law for low- and moderate-income housing purposes after payment
