Standard & Poor's Ratings Services assigned its 'A-' rating to Newport Beach Assessment District No. 100, Calif.'s series 2010 limited-obligation improvement bonds. The outlook is stable.
"The rating reflects our view of the district's relatively modest assessments given its average assessed value, as well as a strong overall value-to-lien ratio of 42 to 1, including overlapping debt," said Standard & Poor's credit analyst Matthew Reining.
We understand that the district will use bond proceeds to remove above-ground utility poles and wires and relocate them underground.
Assessment District No. 100 is located in the center of the Balboa Peninsula in Newport Beach. The 20-acre district is entirely residential and is made up primarily of high-end homes.
RELATED CRITERIA AND RESEARCH
USPF Criteria: Special-Purpose Districts, June 14, 2007
Complete ratings information is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095, ana_sandoval@standardandpoors.com
Analyst Contacts:
Matthew Reining, San Francisco (1) 415-371-5044
David G Hitchcock, New York (1) 212-438-2022 |
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