Summary: Milpitas Municipal Financing Authority, California Milpitas; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA+' long-term rating to the Milpitas Municipal Financing Authority, Calif.'s $19 million series 2020 lease revenue bonds, which are an obligation of Milpitas. At the same time, S&P Global Ratings affirmed its 'AAA' issuer credit rating on the city. The outlook is stable. The city will have approximately $112 million in governmental debt outstanding at the end of fiscal 2021, including tax increment debt associated with an entity that we consider institutionally linked to the city. The series 2020 is secured by lease payments by the city for the use and occupancy of certain leased premises. The city has covenanted to budget and appropriate rental payments, which are not subject to a right of set-offs,

...S&P Global Ratings assigned its '##+' long-term rating to the Milpitas Municipal Financing Authority, Calif.'s $19 million series 2020 lease revenue bonds, which are an obligation of Milpitas. At the same time, S&P Global Ratings affirmed its '###' issuer credit rating on the city. The outlook is stable. The city will have approximately $112 million in governmental debt outstanding at the end of fiscal 2021, including tax increment debt associated with an entity that we consider institutionally linked to the city. The series 2020 is secured by lease payments by the city for the use and occupancy of certain leased premises. The city has covenanted to budget and appropriate rental payments, which are not subject to a right of set-offs, and the city is responsible for maintenance, taxes, and utilities under a triple-net lease. The leased assets' structural characteristics and locations meet our criteria for seismic risk during the life of the obligations. In accordance with our criteria, we...

Summary