Schools Infrastructure Financing Agency, CA Special Tax Bonds Assigned #A# Rating

Stocks and Financial Services Press Releases Thursday May 15, 2014 09:14
SAN FRANCISCO--15 May--Standard & Poor's

SAN FRANCISCO (Standard & Poor's) May 14, 2014--Standard & Poor's RatingsServices assigned its 'A' long-term rating to the Schools InfrastructureFinancing Agency, Calif.'s series 2014 special tax refunding bonds. Theoutlook is stable.

"The rating reflects our view of the agency's built out residential status andrelatively low effective tax rates," said Standard & Poor's credit analystKate Burroughs. "Further supporting the rating is our view of the agency's lowhistorical delinquencies," Ms. Burroughs added.

Proceeds of the bonds will be used to refund the entirety of the agency'sseries 2004 bonds.

The agency is a joint powers agency established for the purpose of formingthree community facilities districts (CFDs) -- CFD 1994-1, CFD 1997-1, and CFD1998-1 -- to provide financing for Modesto High School District, Sylvan UnionSchool District, and Stanislaus Union School District.

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