Standard & Poor's Ratings Services said it raised its rating on Inland Valley Development Agency, Calif.'s series 2011B and 2011C tax allocation bonds two notches to AA-minus from A.
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"This action is based on the defeasance of the bonds through the deposit of cash and U.S. treasury obligations in an escrow fund on May 15, 2014," said Standard & Poor's credit analyst Alexander North. "The 2011B and C bonds will be fully refunded at the 100% redemption price plus accrued interest on March 1, 2015, and March 1, 2016, respectively. The escrow agent is U.S. Bank National Assn."
