Summary: Santa Cruz Metropolitan Transit District, California; Sales Tax

S&P Global Ratings assigned its 'AA' long-term rating to Santa Cruz Metropolitan Transit District, Calif.'s (Metro) proposed $52.2 million sales tax revenue bonds (measure G) series 2022. The outlook is stable. A gross first-lien pledge of Measure G sales tax revenue, net of an administrative fee paid to the California Department of Tax and Fee Administration (CDTFA), secures the bonds. Measure G is a half-cent, sales-and-use tax charged on transactions and services within Santa Cruz County. The voter-approved tax was originally levied in January 1979 with no sunset provisions. We rate the bonds under our "Priority-Lien Tax Revenue Debt" criteria, published Oct. 22, 2018, which factor in both the strength and stability of the pledged revenue, as well as the

...S&P Global Ratings assigned its '##' long-term rating to Santa Cruz Metropolitan Transit District, Calif.'s (Metro) proposed $52.2 million sales tax revenue bonds (measure G) series 2022. The outlook is stable. A gross first-lien pledge of Measure G sales tax revenue, net of an administrative fee paid to the California Department of Tax and Fee Administration (CDTFA), secures the bonds. Measure G is a half-cent, sales-and-use tax charged on transactions and services within Santa Cruz County. The voter-approved tax was originally levied in January 1979 with no sunset provisions. We rate the bonds under our "Priority-Lien Tax Revenue Debt" criteria, published Oct. 22, 2018, which factor in both the strength and stability of the pledged revenue, as well as the issuer's general credit quality (OC). Bond proceeds will be used to refund a portion of the district's obligation to California Public Employee's Retirement System (CalPERS) to help pay an unfunded accrued actuarial liability....

Summary