Bangkok--29 Jul--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'A-' rating to Newport Beach Assessment District No. 100, Calif.'s series 2010 limited-obligation improvement bonds. The outlook is stable.
"The rating reflects our view of the district's relatively modest assessments given its average assessed value, as well as a strong overall value-to-lien ratio of 42 to 1, including overlapping debt," said Standard & Poor's credit analyst Matthew Reining.
We understand that the district will use bond proceeds to remove above-ground utility poles and wires and relocate them underground.
Assessment District No. 100 is located in the center of the Balboa Peninsula in Newport Beach. The 20-acre district is entirely residential and is made up primarily of high-end homes.
RELATED CRITERIA AND RESEARCH
USPF Criteria: Special-Purpose Districts, June 14, 2007
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Matthew Reining, San Francisco (1) 415-371-5044
David G Hitchcock, New York (1) 212-438-2022