Successor Agency To The Clearlake Redevelopment Agency, CA TARBs Assigned #A-# Rating On Strong MADS Coverage

Stocks and Financial Services Press Releases Wednesday September 13, 2017 09:22
SAN FRANCISCO--13 Sep--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) Sept. 12, 2017--S&P Global Ratings assigned its 'A-' long-term rating to the Successor Agency (SA) to the Clearlake Redevelopment Agency, Calif.'s series 2017 tax allocation refunding bonds (TARBs). The outlook is stable.

"The rating reflects our opinion of the project area's positive assessed value growth during the past three years and its strong maximum annual debt service coverage," said S&P Global Ratings credit analyst Jean Lee. "The rating further reflects our view of the project area's primarily residential and diverse tax base," Ms. Lee added.

Proceeds from the series 2017 TARBs will refund the agency's series 2006A and 2006B tax allocation bonds (TABs) outstanding. Following the successful refunding, our rating on the series 2006A and 2006B TABs will be subject to discontinuation.

The project area is primarily residential and large at 2,983 acres, located about 100 miles north of San Francisco in Clearlake (estimated population: 15,500), in Lake County.

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