The rating on Tustin Public Financing Authority, Calif.'s bonds is affirmed reflecting: * Good access to the Orange and Los Angeles county employment bases; * Large, residential assessment district; and * Strong additional bonding provisions. Credit strengths are offset by; * Weak debt service coverage, * Low value to lien ratio, and * Moderate assessee concentration. The bonds are payable from a special tax levied within the district and secured by a first lien on debt service payments made by the district to the Tustin Public Financing Authority. The city of Tustin (population 65,287) is located 40 miles southeast of Los Angeles. The district is bounded by Interstate 5 and the city is situated in proximity to Santa Ana, Irvine,
