NEW YORK - Standard & Poor's Ratings Services said it lowered its long-term rating to BBB from BBB-plus on the San Bernardino County Redevelopment Agency, Calif.'s series 2010 tax allocation bonds issued for the Cedar Glen Disaster Recovery Project Area. The outlook is stable.

"The rating action reflects our view of the project area's recent decline in assessed value, which exceeded the agency's projections and thus substantially lowered coverage of maximum annual debt service," said Standard & Poor's credit analyst Alda Mostofi.

The rating further reflects the project area's: high volatility (base-year to total assessed value, or AV) ratio of 0.74, reflecting high sensitivity to tax increment revenues due to changes in overall AV, and moderate concentration in the tax base, with the 10 leading taxpayers accounting for 31.2% of incremental AV.

The stable outlook reflects the project area's relatively low maturity as reflected by its high volatility ratio.

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