Summary: Pacifica, California; Appropriations; General Obligation

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). The raised rating reflects our view of the city's improved budgetary performance and flexibility. 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 rating reflects our view of the city's covenant to budget and appropriate lease payments during the life of the obligations for the use of city facilities. We have assigned a rating that is one notch below the city's general obligation rating, consistent with our appropriation criteria. The series 2016 COPs represent an interest in lease payments

...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). The raised rating reflects our view of the city's improved budgetary performance and flexibility. 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 rating reflects our view of the city's covenant to budget and appropriate lease payments during the life of the obligations for the use of city facilities. We have assigned a rating that is one notch below the city's general obligation rating, consistent with our appropriation criteria. 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. The city has covenanted to budget and appropriate lease payments to meet its obligations...

Summary