PHOENIX — Standard & Poor's Nov. 6 raised its long-term rating to A-plus from A on the Ukiah Redevelopment Agency, Calif.'s series 2011A tax allocation bonds, citing increased assessed value.
The $5.2 million of tax-exempt TABs were issued to redevelop a large portion of Ukiah, a city of roughly 16,000 people along U.S. Route 101 some 115 miles north of San Francisco. The project area was adopted in 1989 and the area's land use is" a diverse mix of commercial and residential," S&P said.
"The raised rating is based on our view of the project area's steadily increasing assessed value," said S&P analyst Cody Nelson. "The rating further reflects our view of the project area's increased maximum annual debt service coverage as a result of the debt service schedule," he added.
