San Marcos Public Financing Authority, CA 2014A Bond Rating Raised To #AA-# From #A-# On Updated Criteria

Stocks and Financial Services Press Releases Wednesday May 16, 2018 10:24
SAN FRANCISCO--16 May--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) May 15, 2018--S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA-' from 'A-' on the San Marcos Public Financing Authority, Calif.'s series 2014A special tax revenue refunding bonds outstanding. The outlook is stable.

"The rating action reflects the application of our updated methodology for assessing special assessment, 'Special Assessment Debt'," said S&P Global Ratings credit analyst Brian Phuvan. The criteria were published on April 2, 2018, on RatingsDirect.

The authority bonds are secured by authority revenue, which consists of Mello-Roos special taxes levied on San Marcos Community Facilities District (CFD) No. 91-01 and 17 separate improvement areas, or IAs (A1, A2, B1, B2, C1, D1, F2/V2, G3, H1A, H1B, J, M, N1, N2, R1, R2, and V1A), in San Marcos CFD No. 99-1.

Additional security is provided by a debt service reserve fund held at the authority level. There is partial cross-collateralization at the authority level from the authority's debt service reserve. The bonds' debt service reserve is funded 50% by cash and 50% by a surety policy (Assured Guaranty Municipal Corp.) at a level equal to the least of the standard three-prong test of 100% of maximum annual debt service (MADS), 125% of average annual debt service, or 10% of original bond proceeds, for each portion. The authority and local liens are closed, except for refunding purposes.

The CFDs are in northern San Diego County, about 35 miles northeast of San Diego City and 100 miles southeast of Los Angeles. San Marcos serves an estimated population of 95,000.

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