Standard & Poor's Ratings Services said it raised its rating to BBB-plus from BBB on the Perris Public Financing Authority, Calif.'s 2009A subordinate tax allocation bonds, issued for the 1987 Project Area.
At the same time, Standard & Poor's affirmed its A rating on the authority's 2001A senior TABs. The outlook is stable.
"The raised rating on the subordinate bonds reflects our opinion of the recent tax base growth in the project area, which has exceeded its prerecession peak and improved maximum annual debt service coverage to an adequate level," said Standard & Poor's credit analyst Sarah Sullivant.
The A rating on the 2001A bonds reflects strong maximum annual debt service coverage, at which level the agency could withstand a significant loss of its tax base without losing coverage.
