Rating On Debt For Corona, CA Raised To 'AA-' On Strong Financial Performance Through The Recession

Stocks and Financial Services Press Releases Wednesday May 29, 2013 13:57
SAN FRANCISCO--29 May--Standard & Poor's

SAN FRANCISCO (Standard & Poor's) May 28, 2013--Standard & Poor's Ratings Services raised its underlying rating (SPUR) to 'AA-' from 'A+' on Corona Public Financing Authority, Calif.'s outstanding lease revenue bonds issued for Corona, Calif. The outlook is stable.

"The raised rating reflects our view of the city's strong financial performance through a recessionary revenue environment," said Standard & Poor's credit analyst Jaime Trejo. In our view, the city has maintained a strong financial position despite drawing down available reserves in two of the past three years to pay for to one-time expenditures. The city's financial position has been aided by its two biggest revenue generators, sales and use tax and property taxes, with the former rebounding the past three fiscal years, and the latter experiencing only modest declines.

Corona serves an estimated population of 152,497 in Riverside County and is located 15 miles from northern Orange County and 45 miles from downtown Los Angeles. Although many of the city's residents commute to various destinations in the regional economy, the city is also a job destination and has what we consider to be a large amount of Class A office space, manufacturing facilities, and retail centers.

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