Redwood City Redevelopment Agency, CA TAB Rating Raised To #A# On Rapid Assessed Value Growth

Stocks and Financial Services Press Releases Friday May 19, 2017 09:06
SAN FRANCISCO--19 May--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) May 18, 2017--S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'A' from 'A-' on the Redwood City Redevelopment Agency, Calif.'s series 2003A tax allocation bonds (TABs).

The outlook is stable. "The raised rating and stable outlook reflects our view of the agency's receipt of a finding of completion from the state department of finance as well as the city's remittance of $10.3 million to the successor agency from the due diligence review," said S&P Global Ratings credit analyst Jean Lee. "The upgrade also reflects our view of the project area's rapid assessed value growth, which has culminated in very strong maximum annual debt service coverage," Ms. Lee added. The single project area covers approximately 932 acres within the city of Redwood City, or about 7.5% of the city.

The project area includes three noncontiguous sub-areas, including certain portions of the city's downtown area, certain portions of the city's marina area, and certain property along Seaport Boulevard. Redwood City, with an estimated population of 83,791, is in San Mateo County and is the county seat.

The city is strategically positioned between San Francisco and San Jose along the San Francisco Peninsula. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria.

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