Brentwood Infrastructure Financing Authority, CA Revenue Bond Rating Raised To #AA# From #A-# On Updated Criteria

Stocks and Financial Services Press Releases Thursday June 21, 2018 11:02
SAN FRANCISCO--21 Jun--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) June 20, 2018-- S&P Global Ratings raised its underlying rating (SPUR) to 'AA' from 'A-' on Brentwood Infrastructure Financing Authority, Calif.'s series 2012 infrastructure revenue refunding bonds. The outlook is stable.

"The rating reflects the application of our updated methodology for assessing Special Assessment Debt, published April 2, 2018, on RatingsDirect," said S&P Global Ratings credit analyst Jean Lee.

The bonds are special, limited obligations of the authority. They are payable from and secured by the authority's revenue, which consist primarily of payments from the city in connection with the local obligations two districts, AD 98-1 and AD 99-1 (AD 96-1 matured on Sept. 2, 2017).

The districts are in Brentwood (population: 62,483), in Contra Costa County, about 45 miles northeast of San Francisco. Traditionally a farming community popular for its cherries, corn, and peaches, the city has been steadily transforming through residential developments into a more suburban environment.

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