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Lake Elsinore Redevelopment Agency, CA TAB Rating Raised To ‘AA-‘ On Continued AV Growth

          SAN FRANCISCO (S&P Global Ratings) Feb. 13, 2018--S&P Global Ratings raised its underlying rating to 'AA-' from 'A+' on Lake Elsinore Facilities Financing Authority, Calif.'s series 2010B tax allocation bonds (TABs), issued on behalf of the Lake Elsinore Redevelopment Agency (RDA). The outlook is stable.
          "The raised rating reflects our view of the RDA's continued robust assessed value growth, which strengthened the agency's maximum annual debt service coverage to very strong levels," said S&P Global Ratings credit analyst Jean Lee. 
          The series 2010B bonds are secured by one underlying loan agreement with the Lake Elsinore RDA against the low- and moderate-income housing set-aside tax increment revenues generated from project areas 1, 2, and 3. 
          Lake Elsinore has a population of 58,060 and is located in Southwest Riverside County, bordering San Diego County to the south and Orange County to the west. Interstate 15, a north-south thoroughfare, bisects the agency.