Roseville Finance Authority CA Special Tax Revenue Refunding Bond Rating Raised To #AA-# From #BBB+# On Updated Criteria

Stocks and Financial Services Press Releases Wednesday June 13, 2018 09:13
SAN FRANCISCO--13 Jun--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) June 12, 2018--S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA-' from 'BBB+' on the Roseville Finance Authority, Calif.'s series 2017A special tax revenue refunding bonds, issued for Crocker Ranch Community Facilities District (CFD) No. 1, Stoneridge Parcel 1 CFD No. 1, Stoneridge East CFD No. 1, and Stoneridge West CFD No. 1. The outlook is stable.

"The rating action reflects the application of our updated methodology "Special Assessment Debt," (published April 2, 2018 on RatingsDirect)," said S&P Global Ratings credit analyst Brian Phuvan.

The series 2017A bond proceeds were used to refund the authority's 2007A and 2007B bonds and purchase the surety for the debt service reserve. The authority and CFD's liens are closed, except for refunding purposes.

The City of Roseville is located in Placer County, about 25 miles northeast of Sacramento. As the largest city in Placer County, Roseville has become a commercial and industrial hub for the region, and we believe that this affords residents with diverse employment opportunities.

The stable outlook reflects our expectation that the local economy will remain strong given its access to a broad and diverse metropolitan statistical area and very strong incomes. We anticipate that delinquencies will remain low. We do not anticipate changing the rating over the two-year outlook horizon.

We could raise the rating if the local economy's fundamentals improve and if its district characteristics improve to levels comparable with those of higher-rated peers, particularly if Stoneridge East CFD 1 significantly reduces its taxpayer concentration and improves its development status.

We could lower the rating if the local economy experiences significant housing volatility and rising delinquency rates, leading to pressure on the authority's ability to make full and timely debt service payments.


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