San Marcos Public Financing Authority, CA 2012B Bond Rating Raised To #A# From #BBB+# On Updated Criteria

Stocks and Financial Services Press Releases Wednesday May 16, 2018 10:25
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 to 'A' from 'BBB+' on the San Marcos Public Financing Authority, Calif.'s series 2012B (superior lien) 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 2012B bonds are secured by special tax liens on taxable property within Improvement Area (IA) 1, in San Marcos Community Facilities District (CFD) 2002-01 (University Commons). The 2012B bonds are payable solely from, and secured by, a first lien on revenue consisting of debt service payments on the special tax refunding bonds. The 2012B bond proceeds were used to purchase a series of special tax refunding bonds to be issued by San Marcos CFD 2002-01 (University Commons) for IA1.

Additional security is provided by a debt service reserve fund.

The CFD encompasses portions of the University Commons Specific Plan (San Marcos Ordinance 2001-1127) and is on San Marcos' western boundary with Carlsbad. 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.

"The stable outlook reflects our expectation that the local economy will remain stable and that delinquencies will remain low," added Mr. Phuvan, "and we do not anticipate changing the rating over the two-year outlook horizon."


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