Lynwood Redevelopment Agency
CUSIP 551790CX4
- Issue Currency: United States of America Dollars
- Announcement Date: 12-Sep-2018
- News: S&P Global Ratings raised its long-term rating to `A+` from `A-` on Lynwood Redevelopment Agency, Calif.`s subordinate series 2011B tax allocation housing bonds, issued for the Successor Agency to the Lynwood Redevelopment Agency. The outlook is stable. The rating action reflects our view of the continued growth in both the Alameda Project Area and Project Area A, resulting in stronger coverage levels and a lower volatility ratio for the combined project areas. The series 2011B bonds are secured by a subordinate lien on the low-to-moderate housing revenue generated from the successor agency`s Alameda Project Area and Project Area A. The series 2011B bonds were subordinate to the agency`s outstanding senior-lien series 1999A and series 1999 Alameda project area bonds, although we note these 1999 bonds have been fully defeased. The subordinate series 2011B bonds are the only housing bonds issued from both project areas. A cash-funded debt service reserve fund equal to the bonds` maximum annual debt service (MADS) is held with the trustee and provides additional security to the bonds, in our view. For purposes of the subordinate series 2011B housing bonds, the agency considers the two project areas to be merged, and all housing set-aside revenue from both project areas are equally available for debt service.
- Issue Currency: United States of America Dollars
- Announcement Date: 12-Sep-2018
- News: S&P Global Ratings raised its long-term rating to `A+` from `A-` on Lynwood Redevelopment Agency, Calif.`s subordinate series 2011B tax allocation housing bonds, issued for the Successor Agency to the Lynwood Redevelopment Agency. The outlook is stable. The rating action reflects our view of the continued growth in both the Alameda Project Area and Project Area A, resulting in stronger coverage levels and a lower volatility ratio for the combined project areas. The series 2011B bonds are secured by a subordinate lien on the low-to-moderate housing revenue generated from the successor agency`s Alameda Project Area and Project Area A. The series 2011B bonds were subordinate to the agency`s outstanding senior-lien series 1999A and series 1999 Alameda project area bonds, although we note these 1999 bonds have been fully defeased. The subordinate series 2011B bonds are the only housing bonds issued from both project areas. A cash-funded debt service reserve fund equal to the bonds` maximum annual debt service (MADS) is held with the trustee and provides additional security to the bonds, in our view. For purposes of the subordinate series 2011B housing bonds, the agency considers the two project areas to be merged, and all housing set-aside revenue from both project areas are equally available for debt service.
- Issue Currency: United States of America Dollars
- Announcement Date: 12-Sep-2018
- News: S&P Global Ratings raised its long-term rating to `A+` from `A-` on Lynwood Redevelopment Agency, Calif.`s subordinate series 2011B tax allocation housing bonds, issued for the Successor Agency to the Lynwood Redevelopment Agency. The outlook is stable. The rating action reflects our view of the continued growth in both the Alameda Project Area and Project Area A, resulting in stronger coverage levels and a lower volatility ratio for the combined project areas. The series 2011B bonds are secured by a subordinate lien on the low-to-moderate housing revenue generated from the successor agency`s Alameda Project Area and Project Area A. The series 2011B bonds were subordinate to the agency`s outstanding senior-lien series 1999A and series 1999 Alameda project area bonds, although we note these 1999 bonds have been fully defeased. The subordinate series 2011B bonds are the only housing bonds issued from both project areas. A cash-funded debt service reserve fund equal to the bonds` maximum annual debt service (MADS) is held with the trustee and provides additional security to the bonds, in our view. For purposes of the subordinate series 2011B housing bonds, the agency considers the two project areas to be merged, and all housing set-aside revenue from both project areas are equally available for debt service.
