The underlying rating on Tustin Public Finance Authority, Calif.'s bonds reflects the credit strength of payments to the authority from one reassessment district, 95-1, and adequate coverage of debt service. General credit characteristics of the district include: * Primarily residential uses benefiting from good access to Orange and Los Angeles Counties' employment bases; * Mostly developed property with moderately diverse ownership, offset by somewhat low value-to-lien ratios; and * Good coverage provided by the structure of the bonds. Tustin (population 62,500) is in central Orange County, about 40 miles southeast of Los Angeles, adjoining the cities of Irvine, Orange, and Santa Ana. Bond proceeds will be used to acquire an underlying obligation issued by the reassessment district 95-1 (reassessment district
