Inglewood Redevelopment Agency, CA Subordinate TAB Ratings Raised To #A-# On Recent AV Growth

Stocks and Financial Services Press Releases Wednesday March 8, 2017 09:21
SAN FRANCISCO--8 Mar--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) March 7, 2017--S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'A-' from 'BBB+' on Inglewood Redevelopment Agency (RDA), Calif.'s subordinate-lien tax allocation bonds (TABs) and subordinate housing TABs. In addition, S&P Global Ratings assigned its 'A-' long-term rating to the Successor Agency to the Inglewood Redevelopment Agency's 2017 tax allocation refunding bonds.

The outlook on all ratings is stable. "The rating action is based on our view of the district's recent assessed value growth as well as the likelihood of continued, significant increases to assessed value and debt service coverage due to development that will be completed within the district over the next several years," said S&P Global Ratings credit analyst Benjamin Geare. The ratings further reflect our view of: The project area's adequate maximum annual debt service coverage on the series 2017, 2003, 2007A-T, and 2007 A-H bonds; The recent acceleration in assessed value growth within the project area, largely due to property transfers associated with stadium and metro transit developments; andThe agency's cash management practices, which we consider strong.

The series 2017 bonds are secured by a subordinate lien on tax increment revenue from the merged project area, net of senior pass-through payments. The 2017 bonds will fully refund the former RDA's series 2003A and 2007 A-1 TABs, and upon the closing of the 2017 bonds, the ratings on the 2007 A-1 bonds are subject to discontinuance; S&P Global Ratings does not rate the series 2003A bonds. In addition to the senior 1998A series, which S&P Global Ratings does not rate, the series 2003, 2007A-T, and 2007 A-H bonds will remain outstanding.

The indenture for the 2017 series (dated as of March 1, 2017) will amend and supplement the indentures for the series 2003, 2007A-T, and 2007 A-H bonds to provide for the issuance of the 2017 bonds secured on a parity with the 2003, 2007A-T, and the 2007A-H bonds. A separate cash-funded debt service pooled reserve fund for the 2017 bonds and the parity bonds provides additional security to the bonds. RELATED RESEARCH Revisiting The Dissolution Of California Redevelopment Agencies, June 11, 2013 Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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