San Marcos Public Financing Authority, CA 2014A Bond Rating Raised To #AA-# From #A-# On Updated Criteria

Stocks and Financial Services Press Releases Wednesday May 16, 2018 10:24
SAN FRANCISCO--16 May--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) May 15, 2018--S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA-' from 'A-' on the San Marcos Public Financing Authority, Calif.'s series 2014A special tax revenue refunding bonds outstanding. The outlook is stable.

"The rating action reflects the application of our updated methodology for assessing special assessment, 'Special Assessment Debt'," said S&P Global Ratings credit analyst Brian Phuvan. The criteria were published on April 2, 2018, on RatingsDirect.

The authority bonds are secured by authority revenue, which consists of Mello-Roos special taxes levied on San Marcos Community Facilities District (CFD) No. 91-01 and 17 separate improvement areas, or IAs (A1, A2, B1, B2, C1, D1, F2/V2, G3, H1A, H1B, J, M, N1, N2, R1, R2, and V1A), in San Marcos CFD No. 99-1.

Additional security is provided by a debt service reserve fund held at the authority level. There is partial cross-collateralization at the authority level from the authority's debt service reserve. The bonds' debt service reserve is funded 50% by cash and 50% by a surety policy (Assured Guaranty Municipal Corp.) at a level equal to the least of the standard three-prong test of 100% of maximum annual debt service (MADS), 125% of average annual debt service, or 10% of original bond proceeds, for each portion. The authority and local liens are closed, except for refunding purposes.

The CFDs are in northern San Diego County, about 35 miles northeast of San Diego City and 100 miles southeast of Los Angeles. San Marcos serves an estimated population of 95,000.

Latest Press Release

Photo Release: SEC and BSA host Good IT Governance seminar

The SEC and the Business Software Alliance (BSA) jointly organized a seminar on "Good IT Governance: Risk Management and Data Responsibility" for more than 300 participants from listed companies, securities companies, and investment management companies...

Huobi Strategizes Market Penetration into Vietnam Rapidly Growing Blockchain Market

Huobi.Pro, the leading global digital asset exchange, which saw a cumulative annual turnover of US$850-billion in 2017, announced its grand strategy to tackle the Vietnamese market during their keynote speech at Blockchain Festival Vietnam. Frank Fan,...

Marlborough District Council Ratings Affirmed at #AA/A-1+#; Outlook Remains Stable

- Marlborough District Council (Marlborough)'s long-term plan calls for higher levels of capital expenditure during the next few years. We expect Marlborough to record modest after-capital deficits through the forecast period, though its debt burden will...

Taupo District Council Ratings Affirmed At #AA/A-1+#; Outlook Remains Stable

- Taupo's financial management, budgetary performance, and liquidity continue to support the ratings on the New Zealand-based district council. - We expect Taupo's debt burden to decline relative to revenues as the council maintains its strong operating...

Firstmac Mortgage Funding Trust No.4 Series 2-2018 Prime RMBS Assigned Preliminary Ratings

MELBOURNE (S&P Global Ratings) May 28, 2018--S&P Global Ratings today assigned preliminary ratings to five of the six classes of prime residential mortgage-backed securities (RMBS) to be issued by Firstmac Fiduciary Services Pty Ltd. as trustee...

Related Topics