Murrieta Public Financing Authority, CA Revenue Bond Rating Raised To #A# From #BBB-# On Application Of Our Criteria

Stocks and Financial Services Press Releases Thursday May 17, 2018 09:16
SAN FRANCISCO--17 May--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) May 16, 2018--S&P Global Ratings raised its long-term rating to 'A' from 'BBB-' on Murrieta Public Financing Authority, Calif.'s series 2012 special tax revenue refunding bonds. The outlook is stable.

The rating reflects the application of our updated methodology for assessing special assessment, "Special Assessment Debt", published April 2, 2018 on RatingsDirect. The series 2012 bonds are a Marks-Roos Joint Exercise of Powers Act financing structure. The authority bonds are secured by revenue described under the indenture as annual debt service payments from five separate community facilities districts (CFDs) (Nos. 2000-1, 2001-1 [Improvement Areas 1 and 2], 2003-1, and 2003-2).

In turn, each participating CFD's annual debt service payments to the authority are secured by Mello-Roos special tax revenue collected within the respective CFD. Each CFD's debt service obligation is several, and special taxes levied in one CFD cannot be used to pay debt service in another. Murrieta serves an estimated 114,559 residents in southwestern Riverside County. The city is equidistant to San Diego, Los Angeles, and greater Orange County.

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