Bangkok--17 Oct--Standard & Poor's
Standard & Poor's Ratings Services has raised its long-term rating on San Marcos Redevelopment Agency, Calif.'s low and moderate income housing set-aside tax increment bonds outstanding to 'AA' from 'A'. At the same time, Standard & Poor's assigned its 'AA' rating to the agency's $13.7 million series 2008 tax allocation bonds. The outlook is stable.
"The upgrade reflects the agency's extremely strong 11.0x maximum annual debt service (MADS) coverage based on fiscal 2009 revenues," said Standard & Poor's credit analyst Hilary Sutton.
Bond proceeds will refund all debt outstanding that the project area's low and moderate income housing set-aside revenue secures.
San Marcos (population estimate: 80,338) is in northern San Diego County, 40 miles north of the City of San Diego and 90 miles south of Los Angeles. Residents of the city have access to employment in the broad and diverse San Diego area economy. Median household incomes are strong, at 116% of the U.S. average; while per capita income is slightly less, at 95% of the national level.
The stable outlook reflects our expectation that tax increment revenues will remain at least stable and continue to produce strong debt service coverage.
Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Credit Ratings Search.
Media Contact:
Edward Sweeney, New York, (1) 212-438-6634
[email protected]
Analyst Contacts:
Hilary A Sutton, New York 212-438-7093
Robert Williams, San Francisco (1) 415-371-5070