PHOENIX - Standard & Poor's upgraded the Alameda County Redevelopment Agency, Calif.'s series 2006A tax allocation bonds to AA-minus from A-minus, the agency announced Friday.

The nearly $35 million of bonds for the Eden Area Redevelopment Project were triple-A rated when they were issued, but the redevelopment agency no longer exists as a result of 2011 legislation dissolving all the state’s RDAs. Alameda County created a successor agency in 2012 which is now responsible for managing the debt the former redevelopment agency issued.

"The rating action reflects our view of the project area's substantial growth in assessed value during the past few years, leading to very strong coverage levels on the bonds," said S&P credit analyst Li Yang. "The rating further reflects our view of the successor agency's limited ability to issue additional debt except for refunding purposes," he added.

The Eden Area comprises the communities of Ashland, Cherryland, Hayward Acres, San Lorenzo, and Fairview, according to the county.

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