Claremont, CA Transportation Revenue COPs Assigned #AA# Rating On Very Strong MADS Coverage

Stocks and Financial Services Press Releases Wednesday April 25, 2018 10:46
CENTENNIAL--25 Apr--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) April 24, 2018--S&P Global Ratings assigned its 'AA' long-term rating to the California Statewide Communities Development Authority's series 2018A local transportation revenue certificates of participation (COPs), issued on behalf of the city of Claremont. The outlook is stable.

"The rating reflects our view of the city's very strong maximum annual debt service coverage and strong additional parity bonds test," said S&P Global Ratings credit analyst David Mares. "The rating further reflects our view of the city's participation in the greater Los Angeles metropolitan statistical area," Mr. Mares added.

Proceeds of the series 2018 COPs will be used to fund improvements to a portion of Route 66 that runs through the city.

Claremont is located approximately 30 miles east of downtown Los Angeles, in the Pomona Valley and serves an estimated population of 36,255. The city's economy is primarily residential, but is anchored by a cluster of private colleges.

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