The 'BBB' Standard&Poor's rating (SPUR) on Tustin Public Financing Authority, Calif.'s bonds reflects the authority's: Good access to the Orange County and Los Angeles County employment bases; Pledged special assessment tax area, with primarily residential properties and no taxpayer concentration; Fixed tax levied per parcel not based on parcel value; High debt burdens for some parcels--about 11% of the tax come from parcels with less than 5:1 value to lien ratio; and Good 1.25 times (x) annual debt service coverage and an authority additional parity bonds test, which requires 1.20x historical debt service coverage for future parity debt to maintain coverage in the future. The series 1996A bonds are on a parity with insured series 1997B, 1998C, 1999D,
