...S&P Global Ratings assigned its '##' long-term rating to the Sacramento County Sanitation Districts Financing Authority, Calif.'s series 2021 revenue refunding bonds, issued for the Sacramento Regional County Sanitation District. At the same time, S&P Global Ratings affirmed its '##' long-term rating and underlying rating (SPUR) on the district's existing revenue bonds. The outlook is stable. The series 2021 revenue bonds will be used to refund the district's series 2007B variable-rate bonds and to pay a portion of the cost of terminating an interest rate swap previously entered into by the district in connection with the series 2007B swap. The series 2021 bonds are secured by installment payments made by the district to the authority. The installment payments are secured by net revenues of the district, on parity with the district's senior-lien debt and senior in priority to the district's subordinate-lien revenue bonds. The series 2021 bonds will not have a reserve fund; however, given...
