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.

Latest Press Release

FSS Launches a Risk-Based Authentication Solution to Bolster Security For Digital Transactions

FSS (Financial Software and Systems), a global payments technology company, has launched FSS Secure3D, its new-generation adaptive authentication solution based on the EMVCo 3DS 2.0 protocol. Globally, across regions, banks need to implement 3DS2.0...

PwC: Assets under management in Asia Pacific to rise to USD29.6 trillion by 2025, faster than any other region

The Asia Pacific (APAC) asset and wealth management industry is expected to be the centre for global Assets under management (AuM) growth in the coming years. According to the PwC report 'Asset and Wealth Management 2025: The Asia Awakening', APAC AuM...

OnMiners Mining Rigs Offering Market#s Fastest ROI

OnMiners S.A (http://www.onminers.com) is quickly making a strong impact in the crypto mining industry by offering the market's fastest return on investment. The company recently hit the headlines by introducing three multi-algorithm mining rigs that...

The Mall Groups Department Stores partner with SCB to offer sizzling promotions with a chance to win RIMOWA luggage

The Mall, Emporium, EmQuartier and Paragon Department Stores joined forces with SCB to hold "Made in Summer" campaign from today to 17 April 2019 to delight shoppers with superb promotions: shop to receive coupons with up to 40% discount; a chance to win...

Bangkok Bank InnoHub Season 2 showcases innovative technologies from eight finalists at Demo Day 2019

Bangkok Bank InnoHub, the first global FinTech accelerator in Thailand, has showcased innovations and real-use cases from the program's eight finalists to the public, potential investors and others in Thailand's innovation ecosystem on Demo Day. The...

Related Topics