MOODY'S ASSIGNS MIG 1 RATING TO THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY 2010 TAX AND REVENUE ANTICIPATION BONDS, SERIES 2010A-9 (YOLO COUNTY)

Posted on: May 26, 2010, 8:36 pm

NEW YORK, May 26, 2010 -- Moody's Investors Service has assigned a MIG 1 rating to the California Statewide Communities Development Authority 2010 Tax and Revenue Anticipation Bonds (TRAN) Series 2010A-9 (County of Yolo). The rating results from the county's satisfactory total liquidity resulting from its very narrow ending general fund cash balances that are bolstered by the availability of alternate liquidity outside of the general fund. The alternate liquidity brings the county's cash level to a much more standard level versus other California county TRAN issuers. The rating also incorporates the county's willingness to cut costs in fiscal 2011 to build up cash levels to a still weak but improved position from the prior year. This willingness offsets fiscal 2011 receipts and disbursements projections that are not particularly sophisticated. The structure of the CSCDA financing program is a credit strength. The notes are secured by the county's pledge of unrestricted fiscal 2011 receipts...

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